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Money matters<br />
Slow-paying debtors are a<br />
nightmare for small businesses.<br />
At this time of year you must<br />
chase your debtors as hard as<br />
you possibly can because the<br />
moment December arrives,<br />
people realise Christmas is just<br />
around the corner and you<br />
will fall to the bottom of their<br />
priority list.<br />
Advertorial<br />
Here are some tried and tested<br />
debt collection tips:<br />
You expect to be paid within a<br />
certain time frame, so ensure<br />
your customers are fully aware<br />
of this and state your terms on<br />
your invoices.<br />
Send out a friendly reminder<br />
letter/email immediately when<br />
the payment date has passed.<br />
If there’s no response then<br />
follow up with a phone call –<br />
and this is the one most people<br />
dread doing as it is so outside<br />
of the comfort zone! Above all<br />
stay calm, listen carefully and<br />
take notes.<br />
Stay focused, too. Some debtors<br />
will try to get you off track by<br />
complaining about service, or<br />
somehow shifting the blame<br />
for their delinquency to you.<br />
Every firm's<br />
nightmare<br />
Accountant Alan Patient on what<br />
keeps small traders awake at night<br />
Be polite, even validate their<br />
opinion, but always bring them<br />
right back to the point of your<br />
call – getting paid the money<br />
rightfully due your business.<br />
If you can't get them to commit<br />
to payment in full, get a promise<br />
of something – a partial<br />
payment or a call back with a<br />
payment date. Make sure you<br />
control the timing. Don't ask:<br />
"When can you get back to me?”<br />
but say: "So will you be calling<br />
me by Wednesday?”<br />
If all else fails, send a more<br />
formal “pay within seven days<br />
or debt collectors will be used”<br />
letter by recorded delivery.<br />
time but as a small business<br />
you cannot afford to let debt<br />
collection slide.<br />
If you need any further<br />
advice on this or any other<br />
matters, why not give us a<br />
call? And remember, your first<br />
consultation is free.<br />
Next month: HM Revenue<br />
and Customs deadline is fast<br />
approaching!<br />
Alan Patient & Co<br />
9 The Shrubberies<br />
George Lane<br />
South Woodford<br />
E18 1BD<br />
Some of the team at Alan Patient & Co<br />
at the South Woodford office<br />
32 LOVEEAST<br />
In the majority of cases the<br />
above will be successful, and<br />
yes, it does eat into your<br />
020 8532 9843<br />
alanpatient.com
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