Australian Newsagency Blog

A blog on issues affecting Australia's newsagents, media and small business generally.

Sunday newsagency management advice: manage customer accounts with care

Mark Fletcher
August 24th, 2014 · No Comments

The local newsagency is one of the few businesses where a customer can open an account without providing a personal guarantee or going through any form of credit check.

Too often I see newsagency businesses where there is little or no management of these accounts. Here are my suggestions for best practice customer account management:

  1. Have all customers complete an account application form with verified address details.
  2. Get from all account customers a copy of their driver’s licence showing their address. Keep this on file.
  3. If they are making a regular purchase, ask their first few transactions to be paid for at the time of purchase as good faith.
  4. If they are making a special order, request either a deposit or full up front payment if you are unable to return the goods they have requested.
  5. Request all orders be in writing so you have evidence of the order.
  6. Include an invoice with all goods supplied.
  7. Provide a statement monthly with your trading terms clearly indicated.
  8. Know what money you make on everything – accounts cost money and this needs to be considered if you are also giving an account customer a discount.

Tight account management sends a message to your customers and your employees about th professionalism of the business. The more professional you are the less likely anyone will steal from you.

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Category: Management tip · Newsagency management

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