Like I said, arrears are a part of business but it is very important to make sure that you don’t get drowned by people or companies that you owe.
What I learned from my own business experience was that communication is the key to every kind of relationship. Be it business, personal, friendship or any other interactions, keeping me touch is very necessary.
I used to stay away trying to avoid the person who I owed, not because I didn’t want to pay but because I had no idea of how to explain that I had no cash at that moment.
When those who owed me started doing the same to me, I wondered why they wouldn’t at least come to and tell me that they didn’t have instead of avoiding me. When I learned that sincerely they didn’t have, I started practicing communication, texting every now and then to say that I was late but I would make a plan as soon as I could.
Another tip is to pay small amounts to each and every debt instead of paying off only one and still sit with the others unpaid. If I have four debts of R400 each yet holding R400 in my hand, it is wiser to pay R100 to each debt and ask all of them for more time until I pay them off.