February 9, 2017

It’s Raining Credit Card Statements!

Halleluiah it’s raining credit card statements

Post-Christmas and into January there are always a few certainties.

First, we’re over the hump and the kids are about to go back to school and now they are finally back at school.

Second, as the gloss of Christmas and the holiday season starts to recede from our memories we know it’s back to work and the hard slog begins again for another year.

Third, we brace ourselves for the inevitable rush of credit card statements and the need to pay for the holiday’s excesses.

So that’s for all the average punters but what about the business world and the need to meet targets and maintain cash flow?

Diligence and persistence are the key words. Keeping an eye on the cash coming in and in particular the need to ensure that it comes in consistently.

It’s at times like this that extra diligence is needed.

If the average punters are feeling the pinch and have to pay for all the expenditure over the holidays, then you can just about bet that paying your account, even if it has been outstanding for some time, is not high on their list of priorities.

Do you as a business owner want to be seen as a branch of a bank – the good fellow who is prepared to wait for payment of his account or do you want to be pro-active and make sure that accounts are paid on time?

Remember that for each day your account is unpaid, it’s costing you money. If you have an overdraft then you are paying your bank interest and no doubt charges for the privilege of having that account. Do you charge your customers or clients when you become, sometimes unwittingly, the provider of overdraft facilities when accounts are unpaid?

Well let’s get serious – payment of your account is not negotiable.

You want to be paid and you need to be paid. Be assertive and be demanding – your account has to be paid.

A diligent accounts person needs to be all over unpaid accounts.

So what happens if accounts aren’t paid? What is your business practice and what steps do you take to get paid?

We know from our clients that the best way to ensure payment is to keep ‘on the case’ of the slow payers or the never payers.

Take advantage of our free e-book “Business Owners – reduce your bad debts in minutes – without incurring legal costs“.

The e-book gives you sample letters to chase the non-payers. We know from client feedback that the letters work so do yourselves a favour – start the new year with a new approach to non-paying customers or clients and let them know you mean business.