What are the most proactive measures to avoid bad debts in a busses s?

[Stardom22]

For me l have realised that most businesses can't survive without taking loans or selling in credits. How can you avoid bad debts in business?

 

[Augusta]

if possible sell only on cash basis. you need to sell in little quantities to debtors. Give them deadline to pay up and follow it up

 

[Springtime]

If you are selling on credit to some customers, better follow up closely on their payment. If they do not pay on time, send reminders or take legal action.

 

[Suba]

You as a business owner can avoid bad debts in various ways such as a stricter credit policy, collect regularly, provide incentives if they pay on time, work with a collection service, or work with a Pay later platform,

 

[Augusta]

You nerf to keep borrowers and debtors away from your business. you can't have these people and don't have bad debt.

 

[kit_hung]

For me l have realised that most businesses can't survive without taking loans or selling in credits. How can you avoid bad debts in business?

Listen, o, your question is very important for any businessman. The truth is that many businesses drown in bad debt and fail. But there are ways to avoid these doubts.

First, do not agree to give loans to everyone. Examine your customer's behavior carefully. How often does he come to the store? Does he pay his debts on time? If you are not sure about a new customer, set a cash only rule.

Second, set up a solid debt tracking system. Write down each debt and the due date. Use a simple app on your phone to remind you of payments that are about to be overdue. Don't let debts run away from you.

Third, avoid the trick of lending a lot of money to one customer. Spread your risk by giving small loans to small customers. Remember the proverb that says that tables of death also slide.

Finally, build good relationships with your loyal customers. Give them small credit opportunities and give them good days when they are there. Call them and contact them so that you know their problems before the debt matures.

Bad debts are like business diseases. If you avoid them wisely, you will live a healthy life and at the end of the day, you will continue to grow steadily.