Your Debtors Ledger is increasing. You hear the "Corona-excuse" with nauseating frequency. How can you get paid before your debtors go bankrupt, pay others before or instead of you, or just spend your money on their latest model Lexus ?
Don't look back with regret when someone else is spending your money.
Get educated and use these quick tips to crank up your cash. They work with both survival-mode debtors and those seeking to exploiting the current climate at your expense.
1. Regularly and frequently review your Debtors Ledger.
Every Monday morning at 09.00 am is the perfect time.
2. Activate your internal debt recovery process immediately upon each invoice becoming due.
Start with a friendly telephone call, escalate to a friendly email and end with a final demand. My clients attest that they achieve the best and quickest results with lawyer-involvement at the outset. However, even for those wishing to fly-solo - taking the initiative to pursue your money is far better than doing nothing in the hope that your debtor will come to their moral-senses.
3. Impose tight time-frames to reach a resolution.
Your debtor is either in survival-mode or seeking to deceive you. Either way, they will delay or put up excuses to keep your money.
4. Quickly respond to any reply from a debtor.
Just like the previous point, if you are not in a hurry to get your money what makes you think that your debtor wishes to part with it?