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30 May 2019  (676 Views) 
Monetary Auth of Singapore

Wasteful way to collect payment

The manager of a security firm told me that she has to send an invoice monthly to the client and get the staff to call the client to chase for payment.

After a few calls, the client said that the cheque is ready.

The security firm sends the relationship manager to collect the cheque.

She said - it is okay to visit. It helps to build relationship.

This is how our SMEs spend their time. No wonder our SMEs are struggling with high cost of operations. To be viable, they have to increase their fees.

The clients then complain about the high cost of operations.

It escalates.

If the client pays by bank transfer, it would reduce the cost of operations.

How to build relationship? Give a phone call. Reply promptly to emails and act promptly on requests.

Tan Kin Lian

Vote - should our SME improve their productivity by cutting out wasteful operations?

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