Do you have customers that owe you money?

Know More: Creating a Credit Policy, Credit related Websites, FAQs, Fair Debt Collection Practices Act, I have past due customers, what do I do?, Making Collection Calls, Using Collection Agenices, What makes a Good Collector?, Women in Business

"How many of you have customers that owe you money?"
That is normally my opening statement when I teach a class or give a speech. There is always some laughter and a few people raise their hands. I have to coax people to raise their hands, I know from experience there is normally not anyone in my audience that does not have any customers that owe them money.
Most business people don't know how to handle a customer that is not paying or they don't want to deal with it because it will be unpleasant. they figure enough of their customers pay them, so they can let one or two go without paying.
They could not be more wrong.
Think of people who owe you money, as children. Do not let them get away with it, and if you keep up on your efforts, they will know you are the one "bill" they should pay before the other guys who don't call them for their money.
Don't you want to get paid? Aren't you in business to make money?
Don't let this happen to you, keep reading for tips to help you gain control of your money.

Make sure you use credit applications to your full advantage.
Make sure you have a credit policy and use it.
Check your accounts and find out what some of the problems you are having with your customers are so you can address and eliminate them.
Ask other buisness owners if they have ever had any of these same issues and how they dealt with them.

Do not extend credit without a credit policy in place.
Do not extend credit without having a customer fill out and sign a credit application.
Do not accept checks unless you have a policy in place for dealing with returned checks.
Do not extend credit without checking credit references.

If you take these steps, you will have more money, make more sales and have good customers.

Credit Policy for businesses and how to extend credit and manage credit risk

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