Dear Diary:Money money money

Tuesday, 14 June 2011

Dear Diary,
            I always wonder why this happen all the time, especially in Nigeria, after an event you just realize the bride is  owing almost all her vendors. This had happened to me before where a lot of my clients owe me after their event. But gradually with time one gets wiser and more detailed about money issues. I do understand sometimes from clients who refuse to pay the total fee until work is finished. I really don't blame them because some vendors don’t deliver optimally when full payment had been made before event.
In regards to this, what do you do? I will advice  that  both  bride and vendor reach an agreement on terms and conditions on what, when and how the contract should be executed with considerable payment made as at when due. This involve signing of contract document by both parties to consolidate the relationship. Most people in business wouldn’t want to be involved in any transaction that will tarnish their image and name, bearing in mind “bad news travel far and fast”.
Secondly you can pay about 80% upfront and balance when necessary, preferably on the event day, with a post-dated cheque. Nonetheless don’t attempt to give a dud cheque in order to avoid the presence of the law enforcement agents. Dud cheque is a crime in Nigeria. True story,  a client and a rental company who promised to provide chairs for seven hundred guest but delivered less. The rental company only made provision for four hundred people, making a mockery of the entire event. This hindered the smooth course of the event proceedings, as the client had to made alternative and urgent means to sit the guests.  That’s from the client’s point of view.
But on the part of the vendors, where is the guarantee that the agreed sum for service delivery will be paid promptly has promised in the contract signed. What actually speaks of the credibility promised about the pattern of payment, or do I wait until the inventory of gifts have been thorough taken. Believe this or not moments like this always come occasionally. I have seen a cake baker who stood outside the hall to collect the full payment before delivering the goods. Of course she was abused by the bride’s family who  gave a piece of their anger to the vendor in full throttle. In clear words, logically she had performed her side of the deal. This sort of situation happens in positions where probably an uncle had promised to meet a particular demand of the wedding plans but never did after all.
Without holding back, my advise to the bride is “never spend money you plan to get”. Rather spend what is available, because you don't want to think about your vendors during your honeymoon. The truth is you may desire a whole lot of things for your wedding, but try spend according to your means for definitely “there is life after your wedding”
What do you guys think?


isha 7 October 2011 at 08:56  

I am learning to be a strict business woman the hard way. I was being overly trusting. I have a 70% deposit plan for my business -

That doesn't even guarantee that they'll pay the balance. But God will help us.

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