Manage your debtors!
If you manage your debtors, you are already a long way to a successful business.
Here are a few examples of what people do right and wrong.
- Right. Don’t do a thing until you’ve been paid. That’s the way our practice operates, so we have zero debtors.
- Almost right. Insist on a 50% deposit and the balance immediately prior to installation.
- Almost right. “This is a cash practice. Please pay on the way out.” Note – “In” rather than “Out” would be perfect.
- Hardly right. Insist on a 50% deposit and the balance immediately upon installation.
- Wrong. “I’ll send you an invoice”
- Very wrong. One of our local service providers sends a password protected invoice after the service, then sends the password by Whatsapp. Huh?