DURBAN Entrepreneurs Club hosted guest speaker, Mark Essey from Debt-In at a meeting at the Durban Country Club recently.
The focus of Essey’s talk was to advise entrepreneurs how to stay out of debt.
Grant Gavin, chairman and founder of the club, explained the reasoning behind inviting Essey to talk about the issue of debt control.
“Poor cash flow is one of the fundamental reasons why so many small businesses fail in the first five years. As if it’s not enough dealing with all the other obstacles that can get thrown your way in the early years, dealing with clients who don’t pay can be crippling. Given the importance of being able to manage your debtors and effectively collect monies that are owed to your business, we were delighted to have Mark, who is an expert in the area of debt control, on board as our guest speaker.”
Mark was very clear that businesses, no matter what their size, need to have a well-structured plan in place when it comes to collecting debt.
“Be clear in your verbal and written communication. Either email the person or hand deliver the documents, either personally or by courier. Never continue supplying a company that has stopped paying you; be professional and don’t lose your temper. If necessary, get a mediator on board to calm the emotion. Above all, make sure you have a proper system in place – and don’t be a walk over!” he told the members.
If you would like to attend a Durban Entrepreneurs Club meeting, or join the club, contact info@durbanentrepreneursclub.co.za
