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    6 Replies Latest reply on Jun 24, 2009 1:11 PM by austinstrick

    Going The Extra Mile in Tough Times

    DomainDiva Ranger
      The recession has hit everyone. The most common complaint I am hearing from all of my self - employed friends is that their clients are NOT PAYING. Not paying with in 30 days, 45 or even 60 days I am talking about not paying...at all.

      Being both self-employed and doing a start up means I have less, but the bills are paid. There is no extra money for anything but the basics..and making sure that those I owe money to are paid. I too have had to make payments to vendors, but when making out a payment schedule I make sure I can stick to that payment schedule before I agree to it.

      We as business owners have a great responsibility to our vendors and customers and the most important is honesty about money, whether it be for services rendered or goods sold. How our businesses fare after this recession is dependent upon how we conduct our business during difficult economic times.

      Any other thoughts out there as well?
        • Re: Going The Extra Mile in Tough Times
          LUCKIEST Guide
          Going The Extra Mile in Tough Times

          Yes Grace the recession is hitting almost everyone. And YES I agree with you that we the business owners have a great responsibly to our venders and customers.

          We cut corners in our office. We bring lunch most days in a brown bag from home. Still have FREE coffee.
          We did away with landlines, have scaled back on window cleaning services and garbage removal (now we wait until the waste pails are full). It is also a little warmer now in the office and was a little colder in the office this past winter).

          What takes place in our offices DOES NOT effect the services we render our clients.

          As always, LUCKIEST
            • Re: Going The Extra Mile in Tough Times
              Iwrite Pioneer
              I agree with both of you.

              I work hard to deliver the same level of work no matter how much the client is paying or how big the assignment is. In the end, we have to stay true to our beliefs. Looking back over this forum, I noticed how little we talk about how we treat each other as far as behaving ethically. Too bad, it is often how we treat people that determines whether or not they purchase from us or do business with us again.

              Maybe, one day we can get back to talking more about the aspects of running our businesses and less about funding.

              derek
              • Re: Going The Extra Mile in Tough Times
                idesignsi Newbie
                It was always that way until the past 5 months occurred and my children needed me more than my work. I have been self-employed for over 20 years and I have never been where I am right now. There are not enough words to express the sheer amazement that I experiencing at this moment in my life. I stand to loose everything, I mean everything I have worked for in the next couple of months at the age of 42. I have started a non-profit Foundation to do all I can to prevent this from happening to other hard working single mothers with Corporations and no support or Capital, whom ALWAYS paid their bills and now, suddenly, are unable to and have NO WHERE to turn.

                I agree with you whole heartedly that payin my vendors and subs is critical, but my major clients are unable to pay me and I am left holding the bag. In the interimn I have deakt with diseases, hernias, near death ski accidnets, surgerier, parasitic disease, pnemonia, momonucleosis, a sucide attempt, assault with jail time, acute psychiatric care and the flu. Yes this is the abbrviated list of all MY 3 CHILDREN have brought to my table since NOVEMBER 15th, 2008. Needless to say I have worked less and less and whereas I had just recovered in August 2008 from Embezzelment, robbery and Corporate Internet Hacking that occured in 2003/2004, I had not yet rebuilt my Capital base, but HAD paid ALL my debts, had chosen NOT to file bankruptcy as the FBI recommended and had just purchased my home in a buy out from my soon to be X-husband.

                Long, very shocking, story later I had very little set aside, so when the bottom fell out with my children I began the downward spiral, by choice, once again. I am a mother first.

                So I do admire your dedication and respect your point. It was always that way with me too until it changed.

                Thank you,

                idesignsi in NC
              • Re: Going The Extra Mile in Tough Times
                AtlantaCPA Newbie
                You are doing a great job by paying your vendors even in the current economic condition. As a small business, your bargaining power is limited so a good vendor relationship is important for your business. If you are paying cash, try to ask for discounts and pay your bills on time but not too early to manage your cash flows and working capital. Good Luck.
                • Re: Going The Extra Mile in Tough Times
                  austinstrick Wayfarer
                  Thanks for the great information in the thread above.