The Opportunity for Onboarding New Customers during the Covid 19 Economy
If a company reacts to a substantial drop in revenue by trying to “sell its way out” of the pandemic economy, by selling on credit to anyone and everyone, they will encounter severe cash flow and bad debt problems within six months. This webinar will explore the question of selling to new customers.
Selling to new customers who are a Low or Medium credit risk is a no-brainer. Selling to High Risk new customers is a critical decision, that if mishandled can severely damage the company.
Key issues in selling to High Risk customers are:
The focus on new high risk customers will treat the budgeted amount to be sold on credit as a form of “Venture Capital” Fund. The key measure of success of this fund is how many new customers will grow into the next generation of major accounts and how much revenue they will generate post Covid-19.
We will discuss these issues and provide concrete steps to optimize the benefits of soliciting and securing new customers during the pandemic economy.
For most companies, the Covid 19 Economy will cause revenue reductions and cash shortages far worse than prior recessions in this country. Two major changes affecting the management of credit risk for most companies will be:
How will your company survive under these conditions
Part of the solution will be to sell to new customers.
This webinar will review how to approach the challenges stated above.
John Salek is President of Revenue Management Associates, an Accounts Receivable & Order to Cash consulting company. He is a highly experienced financial professional with proven performance in the Order to Cash process including order and contract processing, billing, dispute management, credit control, collections and cash application. John has worked in a broad range of industries with over 250 clients.
John’s consulting experience includes a variety of engagements that have generated over $800 million of increased cash flow, improved productivity, and enhanced customer service for over 250 companies. Improvements in process, metrics, staff skills, and technology tools have been implemented to drive measurable improvements in cash flow, cost, bad debt exposure, and customer satisfaction.
John has led numerous High Impact Receivables Recovery projects that have enabled clients to recover from deterioration in their receivables asset. Such deteriorations are often caused by integration of acquisitions, implementation of new ERP applications, and migration to Shared Service Centers. These “one-time” Recovery projects have delivered substantial benefits in cash flow, cost, bad debt exposure, and customer satisfaction.