I visited a friend at his restaurant a couple of nights ago. It's a very popular restaurant that runs from 8pm to 6am. Yes, he doesn't get to sleep too but it's OK since it makes him lots of money!
This friend told me that it's not easy being in the food industry. I thought that since it's cash business, it's better than some other businesses, right? He told me that although he buys his ingredients with cash and customers pay him cash too, he has a few debt accounts from customers who failed to pay after buying his catering business.
My friend told me that when a customer wants him to cater food, for a dinner or something, they would pay him 50% deposit and the balance will be paid once the dinner is over. However, because it is a close-knit community, they would tell him that they will pay "later" and he agreed.
Unfortunately, the "later" has turned out to be longer than a year already and I think that's too long a wait for job that has already completed. I asked him if he has thought of hiring a Collection Agency to help him chase for his payment but he felt that he should not do so and fears that it would affect his overall business.
Well, getting a third party into this is a personal choice and some debtors may be offended even though they are in the wrong.
This friend told me that it's not easy being in the food industry. I thought that since it's cash business, it's better than some other businesses, right? He told me that although he buys his ingredients with cash and customers pay him cash too, he has a few debt accounts from customers who failed to pay after buying his catering business.
My friend told me that when a customer wants him to cater food, for a dinner or something, they would pay him 50% deposit and the balance will be paid once the dinner is over. However, because it is a close-knit community, they would tell him that they will pay "later" and he agreed.
Unfortunately, the "later" has turned out to be longer than a year already and I think that's too long a wait for job that has already completed. I asked him if he has thought of hiring a Collection Agency to help him chase for his payment but he felt that he should not do so and fears that it would affect his overall business.
Well, getting a third party into this is a personal choice and some debtors may be offended even though they are in the wrong.
*** This post has been sponsored.
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