STAYING out of debt was the topic guest speaker, Mark Essey from Debt-In, addressed people who attended the Durban Entrepreneurs’ Club meeting at the Durban Country Club recently.
Introducing Mark, Grant Gavin, chairman and founder of the club, explained the reasoning behind inviting him 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 you can be crippling.”
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 e-mail 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.
