How To Get Your Debts Paid Without Upsetting Your Client?
As any other business, our flooring company in London encounters problems with some late payments. A lot of business owners do not feel comfortable with the fact that they should directly meet this issue as it really is a delicate matter. Our London flooring contractors say a special approach should be used when dealing with the long-existing customers that once were punctual payers. Choose a suitable approach depending on every client individually.
- If the approach is too soft, our specialists in London flooring say that you may lose a valuable customer. If the issue on the debt is not taken seriously, it is more likely that the problem will remain undetermined.
- Our London flooring company recommends having your own payments in strict order. If your business follows a certain set of procedures, overdue payments can be avoided as conceivably you will be paid in the same manner.
- Another essential thing that our flooring specialists in London point out is having a clear set of terms and conditions. In this way your clients will have to agree on them and any chances of misunderstanding in the future will be drastically reduced. Our London flooring contractors say that these terms should be presented in an appropriate way so the customer is aware of everything before the start of your contract.
- In order to make the consequences of an overdue debt clear to your clients, the advice that our London flooring experts give is to have a set of credit control procedures. They will know what to expect and how they will be notified in a case of a late payment. This is why our London flooring company recommends remaining consistent in your approach.
- An issue that should also be clarified is when a payment officially becomes overdue. The period of time that law states for business transactions is 30 days after delivering the goods or services – when this time passes the payment is considered late. However, our London flooring contractors mention that some other period of time may be agreed between the sides and you should make it clear to your customers when an invoice have to be paid.
- Our London flooring experts say that one of the most important things is maintaining an open dialogue. Although some of the well-known methods are helpful in informing your clients of how you work, you should not let these processes repress your dialogue. Remember London flooring professionals’ advice and be aware of keeping the dialogue with your customers open.
- Make sure you keep the spirit in which you have done business with your clients so far in the present communication process. If you change the tone suddenly, our flooring contractors in London claim that most of the customers consider it heavy-handed and harsh – try a consistent approach.
- You should be prepared to listen. Our flooring contractors in London state that understanding the situation of your customer is the key to a successful dialogue about an overdue debt. Listen, compromise and talk about why they haven’t made the payment.
- When you know the reasons behind the late payment, you can arrange an appropriate method of repayment. London experts in flooring mention that this could mean accepting the debt in a suitable payment plan or pre-agreed installments.
- Demanding your payment cannot have a successful outcome if your customer simply cannot afford to pay it back. Try maintaining a positive relationship with your customer even though you may not take your debt back. Our flooring company in London recommends to find this out as quickly as possible so that you can take measures to prevent the debt from increasing.
- In addition to the states above, you should be prepared to take some responsibilities. Have in mind that the flooring services you have provided can be unsatisfying to your customer and this may be the reason for the overdue payment. The advice from our London flooring specialists is to make sure your customer is satisfied with the flooring services you provide as this may reduce the chances of late payments in the future. If this is the reason behind the debt, consider cutting the amount owed and not giving any late payment penalties. Our flooring contractors say that this will be well-received and these customers will be more likely to be a part of your future business.
- Another way to deal with small debts is to write them off. However, our high-quality flooring company in London warns you to be careful as in this way you may set a precedent and customers may decide not to pay you in the future. You can consider writing debts off if the amount owed is small but may cause any harm to your long-standing customer relationship.
- Before you decide to start pursuing your late debts, you should be prepared to walk away from the potential business this client can provide in the future. Our experienced flooring experts in London say that even though some debts may be paid without damaging the existing relationship, part of the customers may decide to take their business somewhere else.
If you do not succeed using the existing communications processes, our London flooring contractors recommend a consultation with a solicitor that has advanced knowledge of debt recovery.
Inspired by www.contractflooringjournal.co.uk