Let’s face it, almost every single business is affected by this crisis, one way or the other. However, when you read through Facebook or listen to the news, cash flow problems are the most common fear small business owners experience.
So, how can you make sure your business survives the storm? First, you might want to let your customers know how you respond to the crisis. Which structures and procedures did you put in place that effect or better help your debtors?
We know that everyone will have debtors who struggle to meet their payment obligations on time! However, there are options to make sure you get paid as much as possible during this critical time.
Show your support by listening and understanding them and their story.
How are they effected by the crisis, what are their challenges?
Maybe some have unused goods which they don’t need at the moment and might be able to return to you? Would a refund help them to survive a bit longer? We will all get through this so helping your customer now, will help your business in the future.
Do they have products or services that you might need or that you could be able to sell elsewhere?
Maybe a barter deal would make more sense at the moment than a cash exchange?
Can you offer to arrange a payment plan in this critical time, would that help them?
Paying small amounts weekly might be a better option for your debtor than paying one big chunk.
It is all about negotiation skills. Find out how much per week/fortnight/month could your debtor afford? What is realistic?
But most of all, how much can you afford? Yes, we all must work together to get through this but
the most important aspect in this negotiation must be to make sure your business doesn’t experience more challenges than necessary or bearable.
It is a challenging time, but we are sure we will all get through this.
And by the way, Hi I’m Sally is a great negotiator. Let us do the work while you do what you are good at – focussing on your business.