This article is the fourth in my series on how to collect late
payments. If you missed articles one, two and three, they covered
what I call the Four General Rules to Getting Your Money. You can
follow the links back to them here.
Now, on to the next lesson. In the previous article I said that the
most important of the four general rules was to --
Stay right on top of the customer’s missed payment deadlines.
It is a surprise to me that 99 times out of 100 people fail to understand why this advice is important and what it actually means.
Look back to rule three:
Avoid unecessary and unnecessarily awkward situations.
The longer you let a deadline slip, the more awkward the situation becomes, and the more difficult it can be to prompt your customer to action.
Viewed another way, the key to understanding rule 4 is just a matter of numbers. The more customers you get to pay you as soon as possible, the lower your default rate will be. The closer to a deadline that a customer pays you, the less likely he will be to ever default in the first place.
Having said that, it should also be well documented that a contract for services or purchase agreement has been made for the delivered goods or rendered services so that you are not confronted with some kind of chargeback syndrome.
After you have gotten past that hurdle, the longer it takes a customer to pay you, he more likely he is to default or to become delinquent in some way.
To avoid this difficulty, I recommend something called M.E.S.H. It stands for "Meet Every Situation Head on."
I'll go into more details about this approach in my next article.
Matt Ramos kindly reached out to bring a guest post to us - he's all about exploring and breaking behavior limits, and he talks about that on his blog -http://30vanquish.com
Here's Matt -
Letting Go of Your Ego Enables You to Live Without Limits
“As soon as you try to step outside of the behavioral limits, it gets scary and nasty and ugly real fast.” – Sebastian Marshall
So why should it be so scary, nasty, and ugly?
I recently read a post on zenhabits.net, detailing 12 rules fitness expert Craig Ballantyne lives his life by. I figured this is a great topic to tackle for Travel n' Wellness by answering the question: "What wellness rules do I live by while traveling?"
Before delving into my rules, I'd like to separate myself from Ballantyne and the manner in which he laid out his rules.
In Ballantyne's introduction, he gives the example of vegetarians and how they're dogmatically committed to following a certain set of protocols. Vegetarians, he says, no matter the circumstance, will not eat meat. They've created a unique world perspective that includes a strong commitment to not eat the flesh of any living organism. This world perspective enables them to entertain guilt-free behavior congruent with personal goals.
Let me make something clear: Dogmatism should not be the goal in following any rules. When you follow something dogmatically, you often do so in the face of conflicting logical evidence.