Since it is quite obvious we are in a slowdown of the economy I have been getting a lot of recession questions and how this pertains to small business owners. Customer service is a lifeline for small business owners, something they strive to put at the top of their list of outstanding things to do. When the economy shifts and your customers are struggling to pay you, how can you handle contacting them with tact to get your money while maintaining a high level of customer service?
Stay focused on your customers. Don’t act like the sub-prime lenders did, and give credit where credit is not due, if you do this you don’t have anyone to blame but yourself when those customers can’t pay you. Your A/R at this point should be pretty trim if you have and follow a credit policy and have really been paying attention to the news.
The best way to retain good will with your customers when they become past due is to contact them RIGHT AWAY. Set up some type of re-payment plan without adding to their debt, in other words, they can pay weekly or monthly, and any new orders cannot be charged, they must be paid for at the time of purchase. This not only helps your customer it helps your business and ultimately your bottom line.
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