]I got this idea to share with everybody that payment in last 2-3 years is really going bad.
Vendors and suppliers are Backbone and Strength of any company and to give them timely payment is duty of every company to remain Fit in business with grow.
Everybody wants to give TIMELY Payment to their supplier/vendors, but due to burden/pressure with compulsory/emergent/needy vendors( govt electricity, Labour etc) , other suppliers / vendors payments get delayed.
The burden and pressure of other vendors to pay remains on hold and this leads to frustration in business and even vendors stop supplies after due date of bills.
This can lead to huge loss in business, even your factory production can be stopped causing factory to shut down with non-repairable loss in life. Once you are out of track, it is impossible to revive in this world of competition.
I got solution for this for everybody.
My suggestion is to give in parts/ installments every week/month in routine to atleast reduce burden of liability, whatever amount you can give easily.
PAYING IN PARTS IS EASY SOLUTIONS AFTER EVERY INTERVALS.
Example like person whose due amount is say 500,000/- this month, wants to give all due amount, but cannot give as not have funds to give. Person hesitate to give even 100,000/- as he wants to give all amount.
Paying 100,000 every week , will atleast reduce his burden by 400,000/- in month and when he gets enough funds, he can further increase the installment amount so that his monthly liability comes closer to his target, otherwise liability of 500,000/- will be further increase every month.
Paying small amount / installment is only way to reduce your burden of payment to vendors.
You can keep a system to pay every week or every 10days or every 15days to pay to reduce this burden
By adopting this method, you can reduce your burden and pressure and stay healthy.
By Ankur Gupta