I think I have found the reason why so many entrepreneurs struggle along with poor cashflow – it’s called Angry Debtor Phobia.
This common affliction starts with a late invoice and gets worse the longer the business owners stares at their bank account, hoping to see the payment finally land. Symptoms include sleeplessness, alcohol dependency and, in some cases, tears.
Yes, these conflicts are an ugly part of doing business and no one really enjoys making their customers squirm (okay, I quite like it, but I am a bit different).
However, getting paid is a key part of the selling process and it’s crucial that entrepreneurs get personally involved in collecting on late invoices.
Hopefully you will have an existing relationship with the late payer. If so, drop them a friendly email asking for the issue to be sorted.
If that doesn’t work, try a friendly call.
If that doesn’t work, keep calling. And calling. And calling. Until you get your message returned and a commitment to pay.
Don’t feel bad. You are not a bank or a charity. This is part of the normal course of doing business, so get it done – today!