If you have already received your stimulus check, congratulations. Many people have not, and who knows how long it will take to arrive, and many people do not qualify to receive the funds. Similarly, if you waiting for the Small Business Administration to send you some relief, get in line.
What can you do if you do not qualify or cannot wait for relief?
If your business is still open, keep selling. Keep extending credit, but in a smart way.
Stay on top of your accounts receivable. Make sure people know how to pay you. You may have to change the way you receive payments.
Revisit payment plans and see if they need to be amended. It’s better to get a little less than to get nothing. Give customers a little breathing room today as an investment in tomorrow’s sales.
As part of your accounts receivable management program, contact delinquent customers and speak with them. If they cannot pay you now, they will promise to pay at a later date. You will only know which customers are able to pay you if you ask.