One day one of my distant maternal uncles advised me the following:
1. If you cannot pay on or before the due date, you yourself should make a phone call or go personally to tell the creditor you will be late by a few days in making the payment, instead of the creditor coming to you to receive payment and finding out about the delay.
2. Whenever you realise money from the sale of your finished goods, you should first go to the market and deliver it at the creditor's shop to settle his dues.
3. If you owe Rs 1 lakh to creditors and you have only Rs 50,000 with you, then try to pay 100 per cent to the small creditors, and less to larger creditors, but do not allow them to come to your shop to recover their money.
This worked wonders. I gained credibility in no time, and my business was running at full steam.
| WORDS OF WISDOM: Personal accounts by 50 of India's corporate leaders|
|Schauna Chauhan||Dhruv Shringi|