Did you know that good credit managers prevent financial losses attributed to unstable, high risk, slow-paying or no-paying customers by employing many of the same skills used by seasoned sailors. Both understand the importance of charting a safe course to ensure against loss or damage, while also respecting that profit is dependent upon successfully navigating tough seas. They each confront bad weather with equal force, and find stormy seas challenging, but never sufficient cause to concede defeat. They do what is necessary to achieve their goal.
Gilligan and the Skipper beached the SS Minnow while trying to outrun a storm they knew was coming before having left shore. They relied upon HOPE to make it back safely but became castaways instead: HOPE did not prevent them from getting lost for years.
Hoping for timely payment is like sailing into a storm's path, both leave you exposed to unnecessary risk. In a recent collection case a printer decided to grant credit terms to an up and coming entrepreneur who made assurances that his business was well funded and stable. Instead of checking the facts before his money jumped ship, the printer produced several jobs hoping his trust had not been misplaced. Sadly the printer suffered substantial losses when it was determined that his customer told fish tales. His so-called business was unlicensed and unregistered. This little minnow gave the University's post office as the business address and was in fact operating from a dorm room. The printer's profits now lie in Davey Jones' locker.
Ahab, the foolishly stubborn captain hell bent on destroying Moby Dick, no matter the cost, relied upon SELFISH OBSESSION to satisfy his single minded, compulsive goal. Despite all the warnings of pending doom: He perished.
Misdirected obsession leads to predictable disasters. Another printer, seeking his own whale with head strong determination, found himself blinded by the potential profit that thought would never be made. He never realized the consequences of failure should his course be wrong, nor had he done any fact checking about his new 'partner'. Had he done so, his due diligence would have revealed the many bones scattering the bottom of the sea courtesy of his Whale, who has yet to be harpooned, and unfortunately the printer's business now resides with 'The Piquad'.
Capt. Peter 'Wrong Way' Peachfuzz , an incompetent sailor did not believe in using a compass when navigating the seas and instead relied upon GOOD LUCK for charting his course: Capt Wrong-Way was always lost.
Relying exclusively upon luck is like chasing Black Beard's gold: you may find a few trinkets to keep you engaged, but LUCK is not a good business strategy for creating cash flow. A local printer could not believe his good fortune in a recently acquired customer whom he believed would help turn the tide of his slumping sales. The printer's joy had been buoyed by the customer's prompt payment at the onset but then failed to change course when payments ceased. The customer's non-payment became the printer's albatross and when he finally issued a mayday it was already too late to save the ship. The printer's 'lucky' customer was a pirate in disguise who had been sued many times by vendors seeking millions in unpaid debts. Had the printer cast off this customer before weighing anchor the printer would not have had to abandon ship.
DON'T GET BEACHED BY NON-PAYING CUSTOMERS
PRINTING INDUSTRY CREDIT BUREAU CAN CHART A GOOD COURSE
RESOURCES: PICB's web portal to government websites that provide real-time, free information such as business registrations, civil records, lien information and much more.
DUE DILIGENCE REPORTS: When you don't have the time to review the information provided by the customer PICB will do it for you. Our reports are done the old fashion way of 'hands on' extensive research while using the 21st century tools to maximize results.
RISKEE BUSINESS: PICB's free tool that allows our clients and members of the PIA family unlimited 24/7 access into our database to determine if a potential customer was ever placed for collection with our firm.
COLLECTION SERVICES: PICB provides quality collection services at affordable rates and is dedicated to the Graphic Art Industry.
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