Premium Only Content

Know Your Customer and Avoid Bad Debts (1)
Entrepreneurs take on new customers thinking it will make their business stronger, but the opposite is often the case as certain customers weaken businesses by draining resources and profitability.
To secure themselves against customer default, here is a four-point action plan of precautions SMEs need to adopt to avoid bad debt
1. Formalise an appropriate contractual agreement with their clients. These terms will include consent, interest on overdue accounts, and the ability to charge legal fees should customers default.
2. When a new client is on board you've got to do a proper "Know Your Customer" (KYC) background check on that company/individual to make sure that they are not involved in any fraud whatsoever – and that they are who they say they are.
3. Ensure that you have a good due diligence process both at the time of taking on a client and thereafter, monitor the client by doing regular assessments.
4. Perform annual reviews on clients’ businesses. Too often bad debts come from historical credit that may only now begin to affect the client's business' viability.
-
0:28
AfricanNewsAgency
2 months agoWaste disposal
148 -
1:11
IOL-IndependentOnline
2 years agoKnow Your Customer and Avoid Bad Debts
1 -
1:11
AfricanNewsAgency
2 years agoKnow Your Customer and Avoid Bad Debts
-
11:49
Benu Creative
2 years agoHow to Identify Your Ideal Customer Using Your Customer Avatar | Step-by-Step Guide
6 -
LIVE
vivafrei
2 hours agoDid Trump Secure a Cease-Fire Between Israel and Iran? Update on the Canadian Ostrich Farm AND MORE!
10,621 watching -
LIVE
The Quartering
3 hours agoYoutuber Takes Her Own Life Over Harassment, Why Women Are Single, Trans Creep Faces JAIL & More
9,653 watching -
LIVE
Awaken With JP
1 hour agoThey Know What The F*CK They're Doing - LIES Ep 97
1,530 watching -
LIVE
StoneMountain64
2 hours agoCasuals > Ranked ... I said it
636 watching -
LIVE
Barry Cunningham
3 hours agoPRESIDENT TRUMP IS ANGRY TODAY! CEASEFIRE IS BACK ON AND OTHER NEWS!
2,302 watching -
1:39:42
Winston Marshall
2 hours agoHistorian Reveals Why Peace Has Been Impossible: Israel & Iran w/ Dr Benny Morris
21K6