When an entrepreneur plans to launch a new business. default and the need to create a collection process often do not even cross their minds.
Your digital product is so advantageous and its price so aligned with your differentials that it’s impossible for there to be any payment problems. right? This euphoria can be contagious. but suddenly default appears like a ghost.
Did you feel any familiarity with this story? Just like you. many other entrepreneurs around the world go through this. you can be sure!
But don’t feel bad about it. okay? You can create an efficient collection process that will help a lot in the financial health of your business. We explain everything in this post!
Understanding the importance of collecting
In short. commercial relationships involve a supplier who delivers his product or service and the customer who receives it. and. in return. pays the previously agreed or established amount. Simple. isn’t it?
However. in some situations and for different Estonia Phone Numbers reasons. the client does not fulfill his part in this relationship. and it is necessary to regularize this scenario for several reasons. Among them. we can mention:
a considerable part of the remuneration under the responsibility of the client is destined to the payment of business costs. taxes . etc.;
the lack of cash resources prevents the entrepreneur from investing in improvements to their digital products and infrastructure; for example. change your equipment;
the chances of recovering a loss decrease over time. Therefore. it is necessary to dedicate time to carry out the collection. which. for the entrepreneur who works alone. means less availability to produce and sell;
the customer. even if in default at the time. can generate new business. After all. it is within the profile of the product and service performed. right?
Bad debt locks the gears of the business in every way. prevents new investments. makes the entrepreneur more susceptible to becoming a debtor to his suppliers. among other aspects.
However. at the same time. It is a situation that needs to be dealt with strategically. Because even if the customer is in default.
Another important measure is the creation of preventive
- Create a billing manual
Even if the charge is made by you. It is essential that there is a standard in the process and pre-established rules . After all. it is very important to treat customers on the same terms.
Therefore. creating a manual ensures that you are fair to everyone. you don’t need to have all the rules memorized and you don’t fail because you forgot to take any of the measures already established.
- Make a good control and analysis of the accounts
It is not enough just to see what is going in and out. it is essential to analyze the details: the form of payment that customers are using. whether they have chosen to pay in installments. whether it is their first purchase or renewal. among others.