Collecting strategy with new customers

Being upfront with a new customer pays future dividends


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?

Joe: Agreed.

You: And if for any reason you fall behind too far, I've got to get my tools back. Understood?

Joe: Understood.

 

Try to do this with every new customer from now on. It will make collections a little easier.


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