The hills are alive with the sound of … Corona and public panic.
With hoarders denuding supermarket shelves of toilet paper and other bomb-shelter necessities – how can you ensure that you will be paid despite this apocalyptic mindset?
Here’s the situation – John owes you money. Your first invoice is just past due, and John wants more of your goods or services. What do you do?
This is a common story and plays out more often during times of economic uncertainty. You want to be paid what you are owed. You also want more money. Further, in hoping for more money you don’t want that to jeopardize being paid what you are already owed. What do you do?
Here are some universal rules to help you get paid –
1. Do not provide further assistance (goods or services) to John until he has paid you the entirety of his debt to you.
2. Have John commit to writing his promise, with a payment plan, to pay you.
Although this is self-promotion, my clients know that it is best to have John’s payment plan drafted with legal assistance. My clients then get the best deal, and John has the most serious consequences for non-compliance.
3. Follow through against John for any non-compliance.
Just like in all other aspects of life, panic will not help you. Rather, with forward planning and professional follow through you can emerge from Corona even more successful once it departs as it inevitably will.