75 BUSINESS TIPS know the payment due date and the consequences of an unpaid invoice. By laying out the terms and penalties, you will deter customers from delayed payment. 5 Be cost-efficient Regrettably, chargebacks are a killer for small businesses. It’s crucial to avoid these as much as possible. But what’s a chargeback, you might ask? A chargeback is when customers request a refund directly through their bank rather than following your refund policy. The bank then takes the requested money from your business and gives it ‘back’ to the customer. As a result, you lose money and the provided product or service. Establish strong refund terms and conditions to protect your company: exactly how, when and why customers can request a refund. 6Be lean Try to run your business on a minimal amount: make cutbacks where you can and keep expenditures to a minimum. You can reduce your outgoings wherever possible by striking a better deal with suppliers or investigating potential areas of tax relief. These initiatives will boost your cash flow. 7Be attentive Listen to your customers – they’re your lifeline. You’ll create loyalty by being attentive to your client’s needs, thus boosting sales. And as the current climate is taking a toll on everyone, it’s worth looking into small changes to help everyone. Gary Prince is Chief Strategy Officer at SimplyPayMe, a global direct payments platform. With more than 21 years of experience in mobile payments, the financial sector is committed to SMEs and helping small businesses thrive, regardless of the economic situation. By assessing and monitoring how you take and manage payments, you can reduce potential losses and increase your small business’s likelihood of success.
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