I recently met with Frank, a tank and pump wholesaler/repairer in Silverwater out in western Sydney. Like many business owners, Frank had fallen into the trap of not implementing “Terms of Trade” into his business. For years Frank had simply been relying upon a handshake or email as being a sufficient agreement or contract to supply his goods and services. Unfortunately this process kept leading to further problems down the track for Frank. When disputes would arise from the goods and services supplied, Frank found he would be given the run-around by debtors using excuses and delaying tactics as a reason for the non-payment of their accounts. Frank also had little leverage when he went to escalate things in order to get paid. Unlike the bank, Frank had little protection or leverage in place to impose consequences or penalties on his debtors. After sitting down and explaining to Frank just what his rights are, EC have now been able to prepare some customised Terms and Conditions of Trade to suit his business and protect his cash flow moving forward.
Another happy, educate and empowered EC client.