Because you're dealing with a verbal contract with new customers, it's paramount that everyone understands the rules of the game upfront, says Cornwell Tools Training Manager, Mike Boyhan. So, when you start working with a new customer you want to be sure they understand how you operate. Imagine...
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Because you're dealing with a verbal contract with new customers, it's paramount that everyone understands the rules of the game upfront, says Cornwell Tools Training Manager, Mike Boyhan. So, when you start working with a new customer you want to be sure they understand how you operate. Imagine you're setting up an account for a new customer. According to Boyhan, the conversation should go something like this:
You: I appreciate your business and I look forward to working for you for a long time.
Joe: Me too.
You: Here's the way my truck account works: we're agreeing to a set payment amount each week. If for some reason something happens and you have to miss a payment, I understand. But we need to make it up as soon as you can. I'll do my best to be a great tool guy if you'll do your best to pay me what you owe every week. Agreed?
You: And if for any reason you fall behind too far, I've got to get my tools back. Understood?
Try to do this with every new customer from now on. It will make collections a little easier.
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Avoid a cash flow crisis by renegotiating customer contracts after each sale.