Financial Guide for SMEs - SME Corporation Malaysia

Financial Guide for SMEsChecklist for Managing Receivables3. Managing Customer RelationshipsActionMeetregularlyReviewpaymenttermsNonpaymentprocessDescriptionMeet regularly with your customers, particularly key customers.Sometimes, visiting their premises will help you to understandtheir business requirements and fi nancial position.Regularly review the actual payment and agreed terms for eachcustomer. If you fi nd a customer is continuously paying outsidethe agreed terms, meet and discuss on the issues.Ensure that there are processes in place for customers whenproducts or services are not provided as expected (returnedgoods). Have a policy that covers how to correct this type ofsituation.CommunicateWhere an order or delivery is going to be delayed, communicatewith the customer and discuss alternative solutions. Only agreeon a completion date with the customer if you are certain youcan meet the deadline.Be a goodsupplierBe seen as a good, dependable supplier to your customers.62Chapter 2-5 p22-65 Eng.indd 628/15/11 5:01:59 PM