How To Ask For Your Money
Based on our societal idiosyncrasies, most Americans dont much care to talk about money owed
, price, or the lack of money. However, many people dont mind discussing money if they have a fair amount of it. More often they like showing the trappings of money by the graphic illustration in the houses, cars, or toys they possess and display.
But, when it comes to business, most entrepreneurs dont mind discussing money when someone owes them money, especially when it takes longer than expected for their debtor to address this issue. So, as is the nature of self starters, entrepreneurs have little difficulty calling a client about late receivables, after a period of time. This may vary based on the temperament of the entrepreneur, but often ends with them either rudely and scathingly demanding payment, or wimpily making a request for the funds owed. I purport that neither of these scenarios is appropriate for the process of effectively improving a businesss cash flow by collecting your past due accounts receivable and also holding on to your client.
An old sage in the collection industry once told me and this also applies to non-collection agency accounts when asking for money due, never ask someone How much do you have?, because that will almost certainly lead them to name the lowest, perhaps somewhat truthful, figure they can reasonable think of. The best way to ask the question is: How much are you short?. This takes your corporate debtor down a different psychological path. Instead of starting at the bottom or how much they have and counting up, the debtor is forced to start at the owed amount (the top) and count down. As you can see logically, starting at the top and going down, versus starting at $0 and going up, will bring your debtor to a larger number to be paid you..and, this will open the door for continued negotiations on effectively establishing a payment plan to liquidate the remaining balance. Most of us do not have all the money we need, all the time, but American entrepreneurs usually desire to take care of their obligations as quickly as they can.
If these processes are beyond your depth, make you uncomfortable or you just prefer not to be the bad guy with your clients, there are pre-collect services available now. These services will call and correspond transparently with your clients as your credit department and professionally interact with and maintain your clients while collecting your outstanding receivable dollars.
by: Lee Croucher
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