What’s the best way to approach negotiating with clients or suppliers about payments?
- Clarify what is owed and when – this must be agreed first
- Start a paper trail –summarise the situation with exact details in an email – you can follow up by phone.
- If you owe money and have a flexible payment idea put your options forward;
- For example suggest split the invoice payments 50/50 or a different payment deadline dates; like spreading over monthly payments for 3-6 months
- Or if you have a good relationship agree to defer payment and reviewed at a certain date when the crisis is looking like it might be over.
- Be flexible and be prepared to hear counter-offers or possibly a blunt refusal
- Approach those who owe you money and offer flexible terms for early payment; would you be prepared to offer a discount for immediate payment
- Whatever it is finalise and agree it all in writing and be clear about the terms, invoice reference, dates and amounts.