12 cash collection rules on a napkin
While waiting for my lunch order at a nearby cafe’ on 24th August 2010, I jotted down twelve cash collection rules onto a paper napkin. I use these rules in order to ramp up effective cash collection and turn on the collections magic I need to meet my cash collection targets. You can use them too & turn on the cash collections magic where you work.
My 12 Collection Rules On A Napkin may be the most important guidelines you adopt in your work as Credit Controllers. If you don’t use them all, you can consider adapting them to help your cash collection magic happen by getting your customers to pay their bills on time.
For single-owner businesses and a lot of SMEs, being paid on time literally is a matter of survive and thrive or experience cashflow haemorrhage and die. Having money flowing into and through your business is vital and will help many a start-up and established SME or corporate survive the testing times that lie ahead. Permitting customers to pay late is tantamount to advertising to your market that you are going to commit commercial suicide.
My 12 Collection Rules On A Napkin really do represent what I deem to be the essential principles which should govern collecting monies owed by your business’s customers.
In order to maximise your personal collections programme, and in addition to my [Download not found], you can also consider the following:
*money
Want to find out what the 12 effective cash collections rules are? Yes?
I know you will agree with me after viewing the napkin rules that the list of rules is not complete. As I said above these represent my essential criteria. You can adapt mine and add your own. Flexibility is an important value in collections work. Agree?
Collecting debt owed by your customers needs to be governed by rules. Don’t dismiss these rules because they can help you to make ‘cash collection magic’. The 12 cash collection rules form the basis by which you can improve the total value of inbound receipts each month time after time to help reduce the aged debt and importantly, help the business survive and thrive in difficult trading times. Vitally, the The 12 Rules (112) provide you with a solid foundation on which to kickstart making collections magic where you work. KAZAM!
Many thanks for reading and for visiting my site!
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Posted By: Mr Bruce's Collaborative Netwerkski | the bruce organisation ltd On: November 09, 2010 At: 7:04 am
[...] CREDIT MANAGER The end game for a credit manager and his team of collectors is to get the customer’s to pay money by due date. Cleared funds on due date being the objective. No questions about [...]