This will be the second to last post in our A-Z of Cash Collection for Small Business series of quick tips. Today we’ll consider R through to V.
R
Result.
Each call should have a satisfactory result. Don’t get so caught up in being friendly that you hang up without some form of agreement.
S
Stop.
I cannot emphasise this enough: stop supplies immediately if a satisfactory promise of payment is not forthcoming.
T
Tenacity.
Telephone every day if need be. Obviously you should use your own discretion here. You don’t want to be hounding good customers just a couple of days after their account falls due with daily collection calls (or maybe you do?). If the account is getting old and you are not getting paid, it’s time to be tenacious.
U
Understand.
A genuine understanding of the customer’s problems can help ensure that you are the first on the list to be paid when they next prepare a cheque run.
V
Vernacular.
It helps if you are able to communicate at all levels; the machine tool operator might also be the business owner.
Tomorrow will be the final instalment in this A-Z series of cash collection tips for small business. Previous posts include:
Part #1 A, B, C = Ask, Bold, Confidence.
Part #2 D, E, F = Deliberate, Emphatic, Friendly.
Part #3 G, H, I = Goodwill, Honesty, Intervention.
Part #4 J, K, L, M = Joke, Knowledge, Liaise, Money.
Part #5 N,O,P,Q = No, Objection, Polite, Query
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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