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Collecting Funds Faster

August 21, 2013 by  
Filed under Blog

Companies are scrambling to get new business, keep business and get money in the door. Most focus on immediate gratification and are unaware of the long term affects of their actions. In many cases they are more concerned about the immediate dollar than the customer. While this attitude does have some benefit monetarily, it can lead to disastrous unintended consequences which are difficult to manage and sustain. Truth is, you must do both, focus on the customer and the immediate dollar but most companies cannot seem to bring the two into unison.   

When dealing with customers, there is a conflict. For example, when a customer takes advantage of your good nature to exploit your company and not pay. Do you fire the customer and lose that income source or do you continue to allow them to owe money month after month? The key is to break their habit. Bring them into a habit of payment. This is not an easy task but there are simple ways to change attitudes and keep the customer. If someone has been doing this to you for years, it’s extremely hard to break them of their tradition of not paying you. It’s not impossible, but very difficult. The key is to set the stage at the beginning of the business relationship and be consistent. When you set parameters from the beginning, it causes virtually most every customer to pay on time and even appreciate the business relationship.   

 

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