Every entrepreneur hopes he/she will expand weeks after doors are opened up for business. Many businesses are excited to reach this expansion phase quicker than others. It’s vital to discern when its right to move up.
If you experience some of these, get prepared to take on a higher level of operation..
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You’ve opened your doors for business, you’re so excited and everything seems to be in place. Customers begin to stop by to check you out, perhaps pick a few items off your shelf; your employees handle requests courteously and timely as well.
Customer service response time is quick and effective, your customers beam with smiles as they hand over their debit cards to the cashier at the check-out area for payment.
This gives you the inclination they had an awesome shopping experience while at your store..
Keeping loyal customers is like making friends and keeping them, we all had that single person we called ‘best friend’ way back in high school. We always hung out together, ate lunch, visited the library to study, played pranks and did all interesting things teenagers do at the time.
Invoices going past due date without any financial commitment from your customer can be frustrating. It even hurts when your customer starts to play pranks on you. You’ve done your due diligence on the customer and have rated him as credit worthy, overtime he starts to default.
Delay in collection is an ordeal every small business owner must learn to deal with. Being able to bootstrap at this time is what makes the journey as an entrepreneur challenging but rewarding. Activate your sixth sense, use every possible tactics to recover your money in this situation.
Delayed payments have led to deteriorating business relationships, fights, lawsuits, confiscation of property, violence and other vices and inconveniences.