SH*T HAPPENS! – If You Let It: Credit Complacency Will Cost Your Business – Learn What You Can Do!

Sh*t happens..If you let it.

We have all heard the saying, and most of us have used it at some point. On occasion it may be true. But, for the most part shit happens to us because we let it. The phrase becomes a handy way of dismissing our own complacency and lack of preparedness.

The more risk we expose ourselves to, the greater the chance of shit happening. Often, we do checks to reduce risk. We check a road report prior to a journey to decide if there are conditions that may add risk to our trip. We perform preuse/pretrip inspections on vehicles and equipment before use to catch any defects that could cause costly repairs later.

These checks must be done prior to the task to minimize risk, otherwise they have no value.

Would you check at a road report after you hit the ditch?

Would you check engine oil after it seizes?

Seems kind of pointless. If you don’t do the checks first, you are inviting shit to happen.

When shit happens, it is usually expensive. It costs a lot of money to run a business. Money is to your business as oil is to an engine. Run out of either and things seize. You need to ensure the money keeps moving from your customer to your business. But, how do you ensure the money keeps moving?

Do you assume because the customer was good last time that they will be good this time?

You would find it highly unacceptable if a worker failed to check oil in a machine because it was good last time they used it. Why then is it acceptable to assume a previous customer is still good? You just laid out the welcome mat for shit to happen.

The solution to this situation is simple – do not invite shit to happen in the first place. Check your customers, minimize your risk of a loss. In the same way you pull a dipstick to ensure an engine has oil to keep running, check that your customers have the cash flow to keep your business running.

If you find the dipstick is dry before you send out your crews, you can save yourself a loss. Credit checks are essential to minimize the risk of you completing work and not being paid. Otherwise, you are assuming you will be paid, and you know what they say about the word assume.

PayScore gives service companies the dipstick they need to check on their customers.

Check the existing “pay” heath of current and new customers  with payscore.ca

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