Think Counter-cyclically with Customer Accounts
Keep competitors off guard by avoiding the obvious. For instance, the usual reaction in a downturn is to tighten customer payment terms and increase collection efforts in order to boost cash flow. Instead, consider giving your most profitable customers or target accounts more lenient payment terms in order to capture more of their business. Make terms stricter for less attractive accounts. You’ll likely find that … [ Read more ]
Author: Udo Jung | Source: “Winning in a Downturn: Six Actions to Take Now” | Original Publication: Boston Consulting Group | Subjects: Customer-Related, Finance, Management