Complete Story
04/07/2020
Embrace the Chaos
Source: Andrea Schlack, Printing Industries Credit Bureau, April 2, 2020
How many times over this past 10 days have you wondered “What now?” Like you, I too have felt the fear of not knowing what will be and feeling vulnerable to an ever-changing future for which I have no control, until I had an epiphany:
From chaos comes clarity, like the dawn, every new day brightens the last remnants of the darkest nights before - Morning is coming - it will be bright again, so rather than wondering about those dark and scary places let’s plan for tomorrow by using this time to improve, restate, and recreate our business policies so once COVID-19 goes, profits come.
CHAOS CURE: DO NOT FALL PREY TO DESPERATION SALES
During this time of financial crisis, while your focus must be on sales, keep in mind that a higher percentage of customers will default upon payments due, therefore if you can predict which of these customers are most likely to become slow-pays or no pays you may improve your company’s future bottom line.
Credit terms may still be extended but should be reserved for those customers whom are vetted first and determined to be an acceptable risk.
Have alternative payment options available for those customers who are too high a credit risk during this financial crisis.
Accelerate collection processes when necessary, waiting may change a slow-pay to a no-pay.
Operate lean, conserve your cash flow by not lending more than you can afford to lose.
Show empathy and understanding whenever appropriate knowing we are all in this together.
PICB IS HERE AND IN SUPPORT OF ALL OUR PRINTING PARTNERS
- The collection fee for PIA and affiliate members is reduced to 15% contingency (excluding legal) and will automatically be applied to any claims placed between now and May 1st.
- Order and pay for 5 Credit Risk Assessment reports and receive the 6th one free
- All consulting for establishing good credit policies remains FREE
