If you’re a small business owner who operates on credit, than you know all too well what it feels like when a payment date passes and you still haven’t received your check. To get paid, you have to confront the customer.
However, this communication is crucial, so make sure when an account is first past due, you follow these 8 do’s and don’ts to reach out to the customer successfully.
“¢ Do send a letter first – When the payment date first passes, immediately respond with a reminder letter.
“¢ Don’t send a generic letter – Don’t send the same letter to all customers.…
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Many small businesses don’t have the time or resources to adequately monitor their own financial status, no less the ability to screen the finances of their partners, vendors, suppliers or customers. However, if SMB CEOs take away one thing from the current recession – it should be a clear understanding of how important it is to have a transparent view of their customers’ financial situation.
