₦airaland Forum

Good day everyone,

Was discussing with a friend on how to ensure you get paid for service(s) you offer or product(s) you sell in full.

Debtors are big problems to businesses across all sectors esp Start-ups and small businesses. They affect the growth and continuity of certain businesses.

For those who have successfully created means to manage these situations, share with us on how you've done it and would like to know if you have suggestions too.

Thanks.

If you have a start up business,and you need to sell a product or service on credit (maybe as the only way to penetrate the market),make sure you get your payment for the previous sale or service from each debtor,before rendering more sales or service.
The worst thing to ever do is to offer more credit to a debtor,that would inevitably kill the business because you need liquidity to run your business.
From personal experience,market women and civil servants are notorious for buying on credit.

eezeribe:
If you have a start up business,and you need to sell a product or service on credit (maybe as the only way to penetrate the market),make sure you get your payment for the previous sale or service from each debtor,before rendering more sales or service.
The worst thing to ever do is to offer more credit to a debtor,that would inevitably kill the business because you need liquidity to run your business.
From personal experience,market women and civil servants are notorious for buying on credit.

Thanks

But what if these people are your main target market. Should be a pay as go service method or a certain percentage up front or what?

Selling on credit or debt services are part business activities. But the negative trend is that it is capable of grounding ur business venture if care is not ur watchword.

Utmost care must be excercised. The best principle is that if u must sale on credit ensure that there is 85 percent down payment. Thanks