This Could Save you £30k

Someone rang me last week that I’d never spoken to before, and thanked me for saving her £30,000.

I asked her why. She said she wasn’t really a book reader, someone had recommended mine to her, and she’d only got three paragraphs in. She’d just read the line about not being a finance company when her accounts department rang her, internally, asking whether they could give a client a bit more time to pay.

And she realised that’s exactly what she was about to become. Say yes to that, and you’ve just lent someone money, no interest, no term, no application, just a favour that happens to be a loan.

She said no. Not unkindly, just clearly. And she told me it was the easiest hard decision she’s made in years, because for once she could actually see what she was being asked to do, instead of just feeling like the bad guy for saying it.

So here’s the test she used, and you can use it too. Before you say “of course, take the extra couple of weeks,” ask the question you’d ask if they’d rung and said “can I borrow £30,000 from you instead.” Because that’s what they actually asked. They just used kinder words.

If you need someone on your side or you are looking for business finance. ? I’m Mark Smillie.