Every entrepreneur is worried about the economy right now especially with the holiday shopping season upon us. There have been positive reports that consumers are still spending big towards their holiday shopping, but how long will that last and how much of that was put on a charge account? This means those creditors still need to make sure they get paid.
Make it a point TODAY to run your accounts receivables aging report. Tomorrow look through it and highlight any customer over 60 days past due. Break that list down into lists of over 90 and over 120 days past due. Start making phone calls to the oldest accounts first and work your way down the lists until you have called everyone that owes you money over 60 days.
Then NEXT Monday run the same report and call those customers that did not make payment in full again. On WEDNESDAY send everyone over 60 days that owes you money a demand letter.
I guarantee if you do this, you will receive money from some of those customers. Now is the time to act, if you wait to long, to many people will feel the crunch of the economy and Christmas and won’t have the money to pay you.
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