What NOT to do if you have bad debt
Well, the short, easy answer is – don’t procrastinate.
As a business leader, the last thing you should do is bury your head and avoid the issue.
It’ll spread faster than Omicron through your organisation, leaving fear and confusion in its wake.
If your staff sense from senior management that you are worried or concerned about bad debt, employee morale will nose dive.
Leaving despondency in its place, following both you and your employees home, where loved ones and families will smell job losses and the prospect of the company going to the wall.
This will spread to clients, and you’ll soon see orders cancelled or not being made.
Your competitors will rub their hands with glee and tell prospects, “You don’t want to go there; they’ve been hit by bad debts and are likely to go bust anytime now.”
And to make matters worse, creditors will want to get paid for supplies and services sooner, if not upfront, because they don’t want to be dragged down by you.
So what can you do?
Like I said – don’t put it off. Give a short, really positive statement with a smile, confirming this eventuality has already been planned for and there are no issues to be had.
A statement like this will stop these worries dead.
Now it’s all down to you, which future do you want?
If you feel you’re going to struggle with bad debt in the not so distant future, if you’re struggling to pay back govt loans or just can’t relax about the future – let’s talk.