Startup Corner, The Tentmakers

Dealing With Chronic Debtors

Question:

How do you deal with chronic “onigbeses” that owe and REFUSE to pay no matter how nicely you ask? Apparently, for some businesses, they are necessary evils?

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Adeola Folorunsho of Fabrics and More provides a valuable response:

Nothing kills business faster than selling on credit.

– Make up your mind from the get go that you aren’t going to entertain selling on credit. This has helped me a lot.

– Have a well structured paying system on ground which is payment before service or part payment enough to cover cost and balance at delivery. Stick to it no matter what. Which ever way, you will never be on the losing end.

– Never ever think you will lose customers if you don’t sell on credit. There are plenty paying customers out there who only want to know your products are of good quality and that you can deliver top notch service.

#startupcorner

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