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Money: Make effective use of your collection letter
Many business owners do not send out collection letters because they are afraid of alienating their customers. However, the fact remains that once you have provided a service or a product you deserve to get paid.
Badly worded or timed collection letters can alienate customers. Avoid this by ensuring your letters aim to achieve two goals: helping you get paid and maintaining customer relationships.
Good letters should illicit a response from your customers. If payments are still not being made, refine your collection letter. When creating your letter keep in mind that the most effective letters are short, focused and easy to read. Your letter should:
- Explain the reason for the letter in the first sentence.
- Suggest a solution.
- Thank the customer.
Your letter is a reflection of your business, so keep the wording and tone professional and avoid emotional language.
An effective collection letter sample:
56 12th Street
11 September 2010
Dear Mr Sizwe
This is a reminder that your account balance of R2 100.00 was overdue as of 10 August 2010.
We will appreciate your payment of this amount today. We now accept EFTs and I have enclosed our account details for your convenience. Use your unique customer ID, Sizwe001, as the payment reference.
Thank you for your payment.
Business opportunity: Dating service
Even in today’s easy to connect world there are still men and women who find it difficult to find love. The internet has made it easy for people to meet up through dating websites, however the satisfaction rates of dating sites are not great, with many users not feeling safe or not trusting that they will find someone looking for a serious relationship.
A dating service for people serious about finding a partner could make a good business opportunity. Make matches through specialist software, video, questionnaires or by using all three methods.
It is important to protect yourself and your clients, so a vital part of the business is a system to help verify people, perhaps through ID and credit checks.
When you are working with emotions it is always a good idea to play it safe and not offer any guarantees. A natural part of this business will be matches that do not work out so ensure that you have systems for counselling in place to deal with upset clients.
This business also has potential for growth by offering services such as:
- Singles cocktail parties or dinners.
- Relationship self help books and videos.
- Life coaching.
- Cooking classes for singles, which can double up as no-pressure meeting opportunities.
What you will need:
- Equipment: Software, computer, telephone, internet and website.
- Expertise: A dating consultant must be good with people. No special training is needed but a background in psychology or counselling can be helpful.
- Staff: Not required.
The winners of the BrandtoWeb / Succeed Magazine How to start an online business workshop competition:
Peter Van Wyk
Events: Endeavor Entrepreneur Acadamy BootCamp
Endeavor SA presents the high impact Entrepreneurship five-day BootCamp Workshop at African Leadership Academy (ALA). The BootCamp will enhance the support and growth of a wide spectrum of promising and established South African entrepreneurs, with a special focus on education.
PROGRAMME OUTCOMES AND OBJECTIVES
The overall objective is to equip existing and aspiring entrepreneurs with the necessary skills and knowledge they need in order to take their businesses to the next level. For example entrepreneurs often battle with common sets of challenges such as being able to re-evaluate or develop their existing or new strategies; find out how to value their company should they be looking for funding or simply to assist these entrepreneurs on how to better manage their companies by making better management decisions on a daily basis.
KNOWLEDGE AND UNDERSTANDING
The five-day BootCamp will cover practical courses for SME development. It will also feature at least two guest speakers who are successful entrepreneurs and leaders in their own rights. They will share their stories and provide valuable insights on their approach to starting and running their businesses.
These leaders are walking testimonies of what a successful entrepreneur should aspire to become.
For a detailed programme and structure visit www.endeavor.co.za
By the end of the BootCamp, delegates should have gained valuable knowledge and understanding of the courses they have selected, and be able to:
- Apply their knowledge and concepts learned to their existing organisations
- Identify and share issues that are relevant to the growth and development of their organisations
- Leave with tools and solutions to existing problems
- Learned valuable lessons from keynote speakers and entrepreneurs
Seats are limited so hurry and book your seat today on www.endeavor.co.za or contact Maria Azevedo on 011 463 0992 ext 205 or firstname.lastname@example.org
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