Human beings are hard to deal with and hard to relate with when it comes to the aspect of debts. As a businesswoman, you would have so many Debtors you would deal with. The method used is just not clear, but after much consideration, I have come to conclude on the following points:
State your method of dealing
The method of dealing includes staying what you would accept I'm terms of payment. So many people prefer cash and carry and so prefer paying through a bank account. So, you need to specify which one you want and if the debtor wants to take the goods, then you need to let him or her know what means you would accept.
Monstera Production
Have a specific day on which your debtor would make his or her payment
Your debtor is a salary earner and must be allowed to state what and when he or she would love to deliver your money to you and to what method of payment would be suitable. This is the best in keep your debtors abreast of your dealings.
Some of your debtors may be business owners or marketers who also are expecting their pay somehow. So, you just have to tell them to specify the day they would want to clear off their debts just for the smooth running of your business. Mind you, you have to stick to the promising date given by your debtors.
Know your debtors
To make it real, you have to know the one who owes you. Knowing them to their business would help in retrieving your money to your doorstep. Most people only sell forgetting the fact that they have to collect their money somehow. For your money not to get diffused into the thin air, you have to know that person is owning you.
Send prior messages to your debtors when the time to get your money paid is drawing closer.
You don't need to wait until it's the day, but you have to send notice just to remind your debtors of the time limit. Most debtors would love to see that you have a forgetting heart so that you would forget your pay with them, but you have to stop that aspect of life and focus on how to get your money back.
Lay Out Terms And Conditions
This is business and in any business, there must be terms and conditions one should follow. State the terms and conditions for any overdue payment. Sometimes you may include interest rate percent just to make them hasten up in payment.
We have bad debts which no one wants to have in his or her business. Bad debt can destroy business. The fact remains that, we have to know who we give our market to on credit to manage our debts.
So many are ready to pay up, but few would want to look for excuses and ways to run your business to the next level. These kinds of people are those we should avoid at all times. They can kill your business.