Thursday, October 21, 2021

Keep Things Friendly, But Reach An Understanding

dear dave,

My husband and I have a small business. We have a large account providing bulk items to a client. Our original agreement was to work out a 30-day payment period, but he is three months behind on the bill. We live in a small town, and the businesses here live together and help each other, so we don’t want to ruin the relationship. Do you have some advice on dealing with this situation?

Holi

dear holi,

From what you said, I think this guy is not a cheater or anything like that. He’s probably like a lot of small-business owners in that he’s a little disorganized. Still, you need to fix this behavior.

If it were me, I’d go to his office and have a friendly, meeting about things. There’s no reason to start throwing the bully around, but he needs to understand that you can’t be his bank. You are also a small business, and you need your money.

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Ask a few questions, and find out what’s really going on. Then, tell him that it would help matters if he could be on the bill by a certain date. You provided goods and services, and he owes you money, so that’s a reasonable request. You might consider adjusting your payment contract to reflect that once it is operational, payment must be due within 10 days of delivery from that time.

If it’s not workable, you may have to switch to a cash-only basis – where payment is due on delivery. And if none of these options work, you should probably ask him to find another supplier.

-dave

Dave Ramsey is the CEO of Ramsey Solutions, the host of The Dave Ramsey Show, and the author of best-selling titles including “The Total Money Makeover.” Follow Dave at devramsay.com and Twitter @daveramsay.

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This News Originally From – The Epoch Times

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