Encomium
Credit grows business. It can also at the same time kill a business if not properly managed.
From the experience of some of these entrepreneurs, we sought their views, it has been a win-lose situation…
SAIDI BALOGUN
We can’t start mentioning who and who owe you if you want to remain in business. You only need to be very careful with those you’re dealing with. Some don’t want you to succeed at all.
You don’t enter into any agreement that can speak negative of your person and your trade. You should also be firm in your decision. There is no way huge debt won’t affect business. It has even sent some entrepreneurs back to square one.
In all, one needs to be very sharp and prayerful.
DIJE BADAKI, Dehaza Fashion
Surely, I don’t think there is any businessman or woman that can say he or she is not being owed. A lot of customers are owing of course and there is little we can do about it.
It really does, but I don’t allow it to eat deep, into my business. When I notice that it is having a negative effect on my business, I use to become bold about it and stop those who might wish to buy a lot of goods on credit.
I just make them to know the reality. We are all in the business, they know what is going on in the business world, I just act maturely with them. Not with anger or threat but jokingly, I get my money from them.
JIDE ONAKOYA, Kleenrite
The issue of credit is quite dicey. You cannot run a business in our terrain without encountering it at some level. The key thing is to ensure the business isn’t affected by these outstanding debts. There are times where projections for the business are affected by these outstanding debts. This is where proper planning comes into play. So far, I must say God has been faithful.
The easiest way to control the issue of people owing is to provide competitive rates in the first place. Also providing a reward system for consistently paying for services rendered has drastically reduced the occurrence.
OLUBUNMI AKINBULIRE
Heritage World Events
Yes, giving credit is part of business. Not much because we don’t give too much that there will be no money again to continue in business.
By giving discount after buying to encourage payment at point of purchase.
KEHINDE TOWOBOLA, Shotvision Productions
Yes, it’s one of the aspects of business strategies. We do credit control. We don’t encourage outright credit, we request half payment and get the remaining later.
PATRICK ONYEKABA (MC PATO), Gaptooth Entertainment
Yes, we are owed at times. But it doesn’t affect business negatively. Credit is actually good and bad for business. What we try to do is to be selective in giving credit. We know the good ones as well as bad debtors.
UZOR NGOLADI, Strategia Media Blast
Yes, we sometimes render services on credit. And some are owing us. We only give facilities to old time clients or those who really need it.
IYABO ADIGUN
Definitely, no. Because giving credit as you know kills business. I have done this and I will never try that anymore. Even most times people who you give credit failed to pay back and this definitely ruins business. So, it’s not advisable.
SUNNY EKEH, SE Media
Yes, a lot of compromise, clients owe us and are still owing us. It has affected our business so much that some of the projects we planned for first and second quarter at 2014 has not been executed.
We ask for 70 percent down payment before production but of course, it is not very easy.
LARRY OWOJORI
Yes, a lot of people are still owing me. And that has been affecting my business. However, it’s very difficult to chase them out. One just has to be very strict with such people as they don’t care whether you remain in business or not.
DARASIMI OLUWADARE
I don’t joke with my business. I am an Ijesha man so, in other words I don’t sell go and pay later. If you are coming to patronize my shop, you have to come with money. In fact, before you even enter my shop, it is boldly written that no credit today, come tomorrow.
