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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?

 

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