As a vendor in this economy, you are likely facing some difficult times. Staff lay offs, budget cuts, account losses and inflation have left you scratching and scraping to stay afloat. The once steady revenue stream from your client base has suddenly turned into a trickle. Accounts aren’t getting paid on time and you can’t meet your overhead. So, what are you going to do?
Well, it is important to remember that losing one of your accounts isn’t good for you or your client. They don’t want to drop the account any more than you want to see it go, but you’re going to have to stand out among a long list of vendors as someone they want to keep doing business with. While none of us can solve the problems created by a recession, there are some basic guidelines you can follow to maximize collections and retain current accounts.