You have purchased a product or service from a supplier or consultant or you have borrowed a small or large sum of money from a family member, friend or colleague.
If you work as an employee in a large organization, you feel like you have no control over how promptly an invoice is paid to a much smaller supplier or consultant. You receive the invoice and ideally you quickly send it off to Accounts Payable or really file and forget about it until you are contacted some weeks later by the supplier or consultant. Once the invoice is out of your hands and in the hands of the Accounts Payable department for processing, you assume that your work is done and that it will be taken care of in due course. You attach no reputation or responsibility to the invoice getting paid and processed promptly. Money can be a deal-breaker in both personal and professional relationships. If you value your relationship with the product supplier or service provider, make it a priority to ensure that the invoice gets paid and that a cheque is mailed or that the money is transferred quickly. If you can, make arrangements to have the cheque picked up by the supplier or consultant which gives you an opportunity to express your thanks and nurture this valuable relationship. Your supplier or consultant will be very grateful and speak and think positively of you. They will refer other excellent suppliers and consultants to you and praise you to your management. You should be treating your role as a business and see yourself as the CEO of that business. Even though the money for the product or service is not coming out of your own pocket, you should pretend that it is and negotiate the best deal possible. You can have a positive impact on the bottom line which can in turn translate into a bonus or a raise for you now or in the future.
If you have borrowed a small or large sum of money from a family member, friend or colleague or have purchased a very expensive item and owe the store or credit card company money, it’s time to pay what you owe! Money has the power to destroy your personal reputation and closest relationships and negatively impact your health and peace of mind. Ask yourself: are you willing to lose your personal and professional reputations and relationships and end up alone, lonely and ostracized or go through the gain and pain of doing the right thing and paying what you owe? Rather than feeling negative emotions such as fear, guilt and anger or placing blame on another person or situation for your lack of payment, start feeling certain and confident and put together a plan to start paying what you owe in small, manageable amounts. If you owe a small amount of money, paying a few dollars a week will add up and make a big difference. If you owe a large amount of money, meet with the individual or organization owed the money and negotiate an agreement that will work for both of you.
While some may forgive a smaller debt, a larger debt will cast a dark shadow over your days and cause you many sleepless nights. Owing a lot of money is like living in a deep hole and never feeling like you can get out of it. Every problem has a solution and the solution is usually taking a series of steps. The first step is taking responsibility, the second step is creating and committing to a plan to pay back the money and the rest of the steps reflect paying back the money one day at a time.
So whether the amount is high or low, pay what you owe with a yes not a no!