Doing Business with Empathy: Credit Lifeline & Payment Terms


The previous moratorium by banks have assisted many both individuals and businesses alike. Although it was a payment deferment, the moratorium provided a sigh of relief especially for Micro, Small & Medium Enterprises (MSME). This enabled them to carefully revisit their cost structure and further review their cash flow position.

During these turbulent and tumultuous times, it is crucial that both parties on the supply and demand (selling and purchasing) end work hand in hand to facilitate and assist one another.

Offering an extension line of credit by deferring and prolonging payment to one’s best ability and capacity is vital for a much needed second sigh of relief. Speak to your creditors, explain your situation. You’d be surprised on how most are always empathetic especially during this existing pandemic.

Another possibility is renegotiating payment terms. Discuss with your supplier for a split or further division of payment. When cash flow permits, ensure payment is made and always strive to meet the agreed obligation.

Indeed, it is neither a permanent nor a long-term solution however it enables businesses to cushion the blow from the drastic loss of income by the simple act of kindness and empathy.

In doing business, relationship and trust is essential. Hence, in this unpredictable economic climate, this serves as a reminder to bring back values in how businesses transact.


Photo: Japan Times


Please enter your comment!
Please enter your name here



Berita Terkini

Melaka elections – a repetition of the Sabah 2020 elections?

The Melaka State Assembly was dissolved on October 4th,...

Bring Back The “Human” In All Of Us

WE live life doing repetitive tasks, habitual actions and...

Suatu erti merdeka

“Merdeka! Merdeka! Merdeka!” Menyahut seruan merdeka kali ini terasa amat...

Pakatan Harapan Harus Mulakan Rundingan Kerusi Untuk PRU15

Beberapa bulan sebelum PRU14, keempat-empat parti dalam gabungan Pakatan...

berita berkaitanuntuk anda
di bawah