Those we love (the good), those that drag their fee to pay, but pay big (the bad) and those that drive you straight into the arms of the shrink!
So what is an entrepreneur supposed to do? Keeping a consistent revenue stream is so important to the small business and entrepreneur market segments. Let's look at ideas on how to deal.
The Bad - Large Health Care Organization
Problem:
Client had not paid their bill in 8 months. They did not return calls, ignored dunning notices and trashed the emails. The bill was up to $15K! Outstanding invoices created a additional $641 in interest accrued. Our services had saved this client 50K in operational costs.
Solution:
Did a bit of research and found out the objectives of the CFO. What does he stand for? What is he measured on? He had been PROMOTED because of his cost-cutting measures.
Letter: We wrote an old-fashioned letter, sent via registered mail, to the CFO letting him know that 1) his company had saved 50K by using our services and 2) his company had accrued an extra $641.00 in interest COSTS due to ignoring the bill.
The client called the next day (after having his butt chewed out by the CFO), apologized with some excuse (ok by us) and said the bill would be paid immediately.
The check arrived the next week - All 15K of it! AND......
We got a call to come back in and help them save once again.
What are you doing to turn your bad into good! Future blogs on the good and the ugly.
1 comment:
Laurelle, good to read that a positive PR approach in claiming outstanding invoices is still the best method. I regularly phone with the accounts department of our biggest client, just for a chat. Then, when we receive our payment, write them a friendly thank you email for their prompt efficient work.
Post a Comment