- 24th April 2011
- Posted by: clivebarrett
- Category: The Leader Board
CHECK your customer’s performance just as they are checking on yours. Do it this week and constantly throughout your relationship. Fortunes of businesses change so watch for the trends.
It is important that, however apparantly prestigious a customer is to you, if they are not paying on time, you need to act. Consider ceasing to supply them until they pay up. Customers can be replaced. The money you lose from a business that goes under very often cannot. Don’t let your customer losing their business cause you to lose yours.
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Quite right. There are so many businesses going bust at the moment you can’t be too careful.
Althoughit is a fine line. You do have to trust your customers too. There has to be a level of that otherwise it is a difficult relationship to maintain.
Customers shouldn’t be mistrusted in this way.
Some are bound to get offended if you were to change their terms.
Mistrust is one thing, being prudent in business is another.
I agree, why risk losing money when all it takes is a few checks on people that are probably doing the same.
Mistrust has nothing to do with it, it is called survival. In business you have to know what your customers are doing…and that includes whether they have the ability to pay.
Prudence is necessary in business. I’m all for looking into finances and making sure you are on top of the game. What’s there to lose?