It’s your job to earn money; sometimes, it isn’t easy to collect money when a business you work for owes money.
It’s a challenge when clients who are also business owners aren’t able to pay what they owe. Even more challenging is when they close their doors completely without making payments to you since you’re still holding the risk.
There are many options to settle this issue. You can bring your case to small claims courts. You could also send your debts to an institution that handles the collection company. There could be people who happen to be lawyers who could assist you in this! The most important thing you don’t want to do is abandon what is due to you.
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There’s another option that many business owners don’t think about as a possible alternative option for payment.
Discuss the situation with the business owner with whom you are in debt. Inform them that you are aware of their situation and that since you are a business proprietor, you know how difficult to run a business. Discuss with them paying back what you owe by letting them dispose of their surplus inventory. You don’t want to lose everything, and it’s more valuable than none. The business owner who is not yours may have excess inventory that they could be able to offer you if they don’t have enough capital to repay you.
A backup plan is essential for anyone who owes you money. In reality, utilizing their products is unnecessary as long as you can get them out of the ITEX Marketplace and turn their product or service into ITEX dollars. It turns the debt into an asset that benefits you and the debtor.
Attention: The individual or barter companies who are owed money by you do not have to be a member of your network. They must only be able and able to provide the products or services they are obligated to provide to you.
How does this help both sides?
You can turn what could have been nothing had they not returned your money to ITEX cash. Then you can reverse the process and utilize this currency to grow your business by using your ITEX Marketplace without spending the cash you have.
This allows the other company to start on the right foot. It also makes them feel good knowing they don’t have any debts and could help them regain their credibility in the local area. It’s a win-win-win.
Building relationships with business partners can be difficult, particularly when a business owner from another company has a debt due to your business.
It isn’t very pleasant to make a phone call, and they don’t return your call. Or what happens by sending an email and noticing that they’ve read it but don’t reply? You’ve completed your part by completing the follow-up; however, they’re not executing. It’s worse when it’s a potential customer as well as a business partnership! If you don’t get an answer in a scenario like this, it can lead you to believe they’re not interested in doing any business.
There’s a legend that is similar to this:
A young man meets an attractive woman. However, she will not have any connection with him. After their first encounter, she is gifted with a bouquet of roses each day for 21 consecutive days. (Can you imagine the amount this must have cost him? ?!?) He was persistent, and she eventually agreed to date him. The first date they shared was their first contact. It’s been over 25 years since they first met, and they’re still married! That perseverance worked out because He was willing to perform the follow-up.
It’s all about follow-up and follow-up. If you have a client in mind, the way you follow up with prospective clients determines whether they remain potential clients or can become clients. If your follow-up is good, you won’t have to consider the rivals because you’ve built an ongoing relationship and not just made a sale. These kinds of relationships can endure for years!
The way you follow Up is what determines the success of your business.
What do you see the Follow Up doing for your company? Are you in contact with them after every transaction? Do you think it’s all about the sale, and after that, you never connect with them again? What would you feel if it were you? Anybody can sell, but the business owner can create an ongoing relationship with their client.
Make sure to check out what ITEX Marketing place has to offer, and If you’re in this position, there’s a different way to ensure you receive the money you’re due!
