In the July 2011 issue of Crain’s New York Business, there’s an article entitled, “A Braintrust for Female Business Owners”. The story profiles an event hosted by a women’s group in NYC, where the invited guest was a customer relations expert. At the gathering, a business owner wanted to know how to handle a longstanding customer who had stopped paying her. The expert advised to continue doing business with the deadbeat; she suggested an arrangement with longstanding so that every time a new order was placed, they’d have to pay on an older order. I don’t agree with this premise. The cost associated with carrying a debt for more than 90 days doesn’t reflect well from a cash flow perspective, nor does it bode well in the accounting of one’s books. I think it’s just plain rude to ignore a debt. Its one thing if longstanding was to provide an explanation for the problem and offer a solution. It’s another thing when calls, notices, and request for payment are ignored. What do you think?
http://mycrains.crainsnewyork.com/blogs/executive-inbox/2011/07/a-brain-trust-for-female-business-owners/
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