Pay Attention to Past Due Customers
“I Don’t have the time to call a past due customer!”
If this is a common phrase in your place of business, or even one you may utter frequently yourself, then you are not alone. Thousands of businesses decide they don’t have the time to call past due customers and, more importantly, they don’t want to call past due customers.
However, the fact they are past due means that you let them become past due and it is your responsibility to resolve the situation, or write off the bad debt. That’s right, If you have past due customers it is your fault! You allowed them to become past due, you were slack in following up and now you have a problem of you own making.
The solution is simple. Contact the past due customer to advise that if the monies owed are not cleared within 7 days, be it by telephone or by post, then you will instruct a debt collection agency to recover the funds. A Debt collection agency has the time and the resources to collect back the monies that you are owed, allowing you to focus on running your business like you want to.
Making that initial call may seem a little daunting, but think of it as keeping fit, you may not want to do it but you know that you should. Once you start you will be glad you did as you see the monies being recovered and your bank balance increasing.