MARKETING AFRICA MAL 18/17 mal 18:17 online | Page 91

Houseman Lightpoles.pdf 1 6/9/16 8:59 AM There are communication signs as well such as; Persistent avoidance of discussion or correspondence; Telephones out of order; Replies to calls we will call you without actually calling; and Adverse press publicity. As a credit management practitioner, I have always ranked my collection customers in these categories, this has assisted me address swiftly issues of delayed payment. Whenever you call a defaulter they will always give you an excuse why they have not paid. If you classify them, it becomes easier to address some of the simple things holding up your payment. Take for instance a dispute over invoice amount, just resolve the dispute by sending a Credit Note or do a make-good and have your payment done pronto. Standardize your credit policies. Set up clearly defined credit procedures for all your customers. Be firm on your deadlines and your follow-up practices. Collect more information, always monitor your customers, and let the world know that you will follow-up on late accounts, precisely because it is your money. C M Y CM MY CY CMY K ”Being predictable” is very important in credit and receivables management. All your customers should know when they will be getting a call or a letter from you if they don’t pay you. Predictability will lead to credibility. Credibility will help you get paid earlier than you otherwise would. With the application of these reasons there is no point why you shouldn’t be ahead in the game of chasing customers for payment and reduce late payers by substantial margins. Wasilwa Miriongi is a certified Credit Professional currently working as the Managing Director, Del Creder Credit Management Limited. You can engage him on this or related matters via email at: [email protected]. FOR ALL YOUR CONSTRUCTION NEEDS Kipande Plaza • 0718 111333 • www.houseman.co.ke