Keep The Cash Rolling In

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Credit check your customer. Ask for trade and bank references. Get an opinion from your salesman. Is the office smart and tidy? Are the people helpful and well motivated?
Set a credit limit. Determine the maximum amount that you are prepared to risk and stick to it.
Set out your credit terms clearly and in writing. If the customer does not stick to your terms you must stop supplying or evaluate the risk again.
Don’t let the managing director do the chasing. It is much easier for a member of staff to stand firm if the MD is distanced from the event. Also, the MD may at some point want to calm troubled water and should always be the last card to be played.
Keep detailed records. Record every telephone call, letter and promise – keep a diary to remind you when the next action is required.
Be persistent. If the customer promised to pay by today and hasn’t done so, telephone him immediately.
Deal with the customer’s MD. Exact opposite of no 4.
Always get a name. Always get the name of the person you are speaking to – their full name and position. If a promise is broken go back to that person.
Be polite. Firm, desperate, pleading, frustrated but always polite. “Smile and Dial” and make every call an Oscar winning performance.
Understand. Find out what your customer’s payment cycle is and get your invoice in on time.
If all else fails: Sue immediately. Don’t hesitate. Don’t accept any more promises.
Don’t supply any more goods. If you don’t know the procedure, speak to your accountant or your lawyer.

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