Mr. Jude, as he’s fondly called operates two different businesses. One is in oil and gas and the other in the financial sector. These are businesses he had operated for well over 5 years and did fantastic numbers in the past. He’s been having issues with both businesses for some time now.
Initially these issues looked like they would go away in a few months but its been several months now and they haven’t. It started with financing, but now it has deteriorated to so many more that he’s been grappling with recruitment issues, cost of doing business, indebtedness to vendors & delayed payments by clients. Another month’s salary will be needed in a few days, he’s not even sure where its going to come from.
Jude’s experience reflects the frustration of the average business person around here. Despite reports that the economy is out of recession, the reality on the ground says otherwise.
It’s been tough for many businesses around here. #MondayMarket wants to encourage you that it will get better. Don’t be overwhelmed, keep working at improving your business, soon it will pay off.
Go back to strategic planning, manage the vendors through active engagement and negotiations. Have some agreements that allow you instalmental payments and be committed to it. You will need another discussion and negotiations with your clients who are also owing you. Set and sign off on payment plan agreements with your debtors and keep your engagement on full thrust.
Follow up assiduously on pending payments, business, credit lines and don’t rest on your oars to gain paying customers.
Now, creditor management is of great value. Give them reassurances rather than shy away from repayment.
Above all these, get plenty guidance, wise counsel to confront the obstacles facing you, don’t let the challenges overwhelm you; take authority over your business and you will scale through.