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This week's survey
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(These survey questions are sent in by our readers. Please spend a minute to give your answer to this week's survey as one or possibly more of your industry peers thinks this question is important and wishes to see your point of view as well as others in the industry.)
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Last week's survey results...
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If anyone out there is having trouble collecting money I strongly recommend you attend the Seminar of Andrew Le Marchant from the Australian Institute of Credit Management, at The Visual Impact Sydney 2016 Expo Friday September 16th at 12 noon, he will talk on this very subject. He will also have his own booth for private discussions (Peter, Visual Connections).
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We had reduced bad debts to practically nothing over the last 5 years by taking 50% deposits from new customers. Last year though we lost a total of $20k from regular customers going into liquidation, in each case they were spending monthly and paying in 30 day terms, but they stung us in their final month.
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We don't have bad debts that last a year. Your client needs to know you expect to be paid and they should see clearly the process through the job. You need to do a risk assessment: High risk clients (ie building, developing, regular Pty Ltd name changers) 100% payment upfront. Why work for free and give away materials when you could be sitting at home burning money on a bonfire in the back yard? Regular good payers get 30day accounts (but, you need to monitor this - things change). If there is a problem/dispute get it resolved before it explodes.
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Last financial year we lost just over $35,000.00 in both income, paying storage and paying solicitors.
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When there is big money involved we do all sorts of credit checks but our business runs on small clients mainly and we look after them sometimes to our peril. Wrong I know but some clients become friends and it is difficult to apply the necessary discipline with friends - also dangerous to mix business with friendships/family.
(As a publishing practice to protect ourselves from any potential liability, company and individual names that are referred to negatively in any of these comments are removed.
In addition we reserve the right to remove comments that are blatant advertising for one product or company)
Please spend a minute to give your answer to this week's survey as one or possibly more of your industry peers thinks this question is important and wishes to see your point of view as well as others in the industry.
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Queensland
(Posted 30th May 2016)
(Posted 25th May 2016)
(Posted 23rd May 2016)
(Posted 20th May 2016)
(Posted 13th May 2016)
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Smile: It's only Monday!
She wanted to serve her guests mushroom-smothered steak b
ut she had no mushrooms and no time to buy them.
Her husband suggested, "Why don't you go pick some of the mushrooms
that are growing wild down by the stream?
"No, some wild mushrooms are poisonous."
"Well, I see squirrels eating them and they're OK."
So she picked a bunch and washed, sliced and sauted them for her dinner.
Then she went out on the back porch and gave Spot, their dog, a double handful.
Spot ate every bite.
All morning long, she watched the dog.
The wild mushrooms hadn't affected him after a few hours, so she decided to use them.
The meal was a great success.
After everyone had finished, her daughter came in and whispered in her ear,
"Mum, Spot is dead."
Trying to keep her head about her, she left the room as quickly as possible, c
alled the doctor and told him what had happened.
The doctor said, "That's bad, but I think we can take care of it.
I'll call for an ambulance and I'll be there as quickly as I can.
We'll give everyone enemas and we'll pump out their stomachs
and everything will be fine.
Just keep them calm."
Before long they started to hear the sirens as the ambulance tore down the road.
The Paramedics and the doctor had their suitcases, syringes, and a stomach pump.
One by one, they took each person into the bathroom, gave them an enema
and pumped out their stomach.
Well after midnight, after the last one was done the doctor came out and said,
"Everything will be okay now," and with that he left.
The hosts and the guests were all weak and knackered sitting around the l
iving room when the daughter came in and said to her mum.....
"I can't believe that guy!"
"What guy?"
"You know, that bastard who ran over Spot;
He never even slowed down."
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