Selling Power has a nice article (registration required) about "What to Do When the Customer Can't Pay".
Mainly, it's about understanding the situation that the customer is in. The better you treat them during these economic times, the better they will treat you.
Mainly we sell via relationships, so reach out to those contacts - not to get details on the situation, but to find out how the invoice can be handled - what terms do they need, do they need extra time, etc.
Not all customers are keepers - low-profit, high-maintenance customers can be sent packing.
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