Keeping your cash flowing

When you are setting up payment arrangements it is a two way street, you create the rules and your customers have to play by them if they want to do business with you. It is up to you to be fair, reasonable and not to be intimidating. If you scare your customers away or intimidate them, they won’t answer your calls, they won’t work with you and they won’t pay you.

You want to offer payment plans to keep cash flowing through your business, if you have customers that can’t realistically pay in full, and you don’t offer them a payment arrangement, you may not get paid. If you do offer payment options, you will get your money but it may be over time. Getting paid something each month is better than not getting paid anything at all. 

This can be something you do while the economy recovers and maybe you won’t have to continue once we do recover, but during these hard times it is important you work with your customers, rather than against them.

Bio

Michelle Dunn is an award winning author and columnist frequently featured in the Wall Street Journal, CNN and Forbes. Look for her newest book being released in May by Wiley Publishing titled, "The Guide to Getting Paid, weed out bad paying customers, collect on past due balances and avoid bad debt, available for pre-order now on Amazon.