SIMPA Marketing Research have come up with a simple and successful idea to help SMEs with their accounts receivables. It has developed a logo which can be either be used electronically or as a physical stamp that goes on all invoices and payment requests made by the SMEs. It simply says, ‘Thank you for Supporting Omani SME’ .
The idea is to remind the B2B purchaser of the goods or services that they are dealing with 100% local SME company and thanking them for their business hoping that this in turn will help the SME by receiving their due payments sooner rather than later.
‘The idea behind the logo is basic behavioural psychology , when business client sees it, they will hopefully be reminded or ‘nudged’ to process the invoice quicker knowing they are supporting an Omani SME. We know first-hand that SME’s most important accounting issue is cashflow and when clients and customers pay on time or a little quicker it makes a big difference and in some cases it is life saving for small sized companies’. Said Hafeez Ul Haq SIMPA’s Operations Manager.
SIMPA marketing have themselves been experimenting with the logo on all their invoices and so far, the results so far are very encouraging and positive. The hope is now that more SMEs will make use of this initiative.
