The Academy for Chief Executives, a leading provider of experiential business learning® facilitates groups of CEOs and Managing Directors who meet together every month to network and take full advantage of experiential learning. Part of membership involves members taking their issues to the table and discussing them with their peers.
At a recent meeting CEO members discussed the issue of Debt Collection. It proved to be a hot topic, shared by several members, who are struggling to get paid in these difficult times.
All sorts of ideas were shared and here are 3 of them:
- Go and visit the premises of the client and sit in the waiting area – all day if necessary!
- Get a proactive lawyer who is focused and does more than send standard letters
- Have an off the record conversation with the individual responsible for signing your cheque… it may be better to get some money from them rather than none – check out if they are likely to go under and take what you can get
At any time, but even more so during an economic downturn, all businesses need to ensure they are doing all they can to effectively manage debt. An Academy Speaker, Jeremy Thorn, also advises on managing customers. His 4 part series “Getting Paid” gives further tips and pointers.
For confidentiality reasons we cannot divulge all of the advice provided by our members – however, we do hold open meetings where guests are able to attend and experience for themselves the real power of shared experience and experiential learning alongside fellow leaders, CEOs, MDs and entrepreneurs. To find out how you can take advantage of advice like this every month, visit www.chiefexecutive.com.