#SucceedingWithoutBleedingSeries #WorkplaceSurvival #LendingDecisions
Alright now, you have lend / extended credit to people or businesses and the debtors are not paying you or you are experiencing high default rate.
The rule typically is not to lend more than you can afford to lose. Not playing by this rule will put you at risk of using recovery ways which are contrary to TIMELESS PRINCIPLES.
Again, you want to check that your price/ fees is not on the high side because that can cause high rate of default. Take a look at your billing and adjust accordingly if that is the case. You might want to have a goal at #Pricing&DiscountingSeries of 2014.
You also want to be sure the category the defaulter falls into: “Cannot pay” or “Will not pay”?
So you need to recover your money. Yes? Right! Try these two ways:
Call the defaulters up personally to request payment or structure payment plan
Leverage on Cash-only policy going forward
Remember to always consider how much you’d be able to lose before extending credit to others. Although as a lender you have the right to collect what you are owed but ensure that the approach you’d employ collecting it does not contradict TIMELESS PRINCIPLES.
Matthew 12:7 Advisory puts it aptly when it says:
“And if you had only known what this saying means, I desire mercy [readiness to help, to spare, to forgive] rather than sacrifice and sacrificial victims, you would not have condemned the guiltless. “
Whatever you do, always ensure to give people benefit of doubt. Wouldn’t it be better to count your loss on all debt than to offend a person who “cannot pay ” and not “will not pay”
Think about it!
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People | Insurance | Sustainable Value
#SucceedingWithoutBleedingSeries #Business-WorkPlaceSurvival #TLD
Have a Truly Rewarding 2015. Good morning!