ExchangeEveryDay Past Issues

Forward this issue to a friend

The article, "Surviving Tight Times:  What To Do When the Money Runs Out," in the Exchange book, Managing Money: A Center Director's Guidebook, offers these ideas on dealing with creditors when money is in short supply:

Goodwill is money in the bank....  Even when the creditors are pressing hard, you should strive to salvage some degree of goodwill by treating them in a respectful, business-like manner.

Creditors don’t like surprises....  A creditor will be much less conciliatory if he has to call you after your account becomes delinquent.

Honesty is still the best policy....  Honestly explain that your center is experiencing a severe, yet temporary, cash flow problem and that you will pay what you owe as quickly as you can.

Less is more....  Even a trickle of cash will let creditors know your center is still in business and that you are serious about paying your bills.

Don’t blame the victim....  Tight times can be incredibly trying, so when a creditor calls and harasses you for his money, it is very easy to become angry and vent all your frustrations.  You must keep in mind, however, that the reason he is pressing you is that he provided something to you in good faith and now you have violated the agreement.  He has every right to press you.

---

160 pages packed with expert advice on every aspect of money management, including long-range planning, fundraising, financial reporting, cash flow analysis, audits, salary schedules, fee policies, collection techniques, and management software. A comprehensive guide to one of the most important aspects of center management.

Topics Include:

• Basic Money Management Tools
• Financial Evaluation Tools
• Financial Policies and Procedures
• Fundraising Strategies
• Fundraising Success Stories
• Long Range Planning

Learn More and Order!

Sale Ends 3/26/2016 11:59 pm PST. Not valid with bulk purchase discounts. May not be combined with any other offer.

ExchangeEveryDay

Delivered five days a week containing news, success stories, solutions, trend reports, and much more.