Top Ten Reasons Why Promotional Products Distributors Fail
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7. It’s OK, you can pay me next month.
Why are we so afraid of accounts receivable? It is like the taboo of business communications. Be upfront with your payment policies from the very beginning. Train your customers to pay you on-time every time. It is quite acceptable to ask for half to full payment upfront for new customers. If you don’t receive timely customer payments, not only are you not getting paid your profit on the job, but you will have to take money out of your pocket to pay the vendor. Be very careful with extending credit. Offer a discount for timely payment if needed. Stay on top of your accounts receivable at any cost.
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- PPAI
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