Did your boss lend some money to you? And you have a hard time getting it back? We will tell you how to ask your boss for the money he owes you.
What will I learn?
Lending someone money when they need it is a noble deed. But some people are shy to ask for it back. It is not good that your lender doesn’t return in time.
How To Ask Your Boss For Money He Owes You – A 10 Step Plan
It would help if you had a proper plan to go and ask your boss for the money he owes you. Here is the goal in 10 easy steps:
1. Timing Is Everything:
If you’re going to ask for money he owes you, it’s best to do so at a time when your boss is in a good mood.
You don’t want them feeling defensive or attacked right off the bat. Try to schedule a meeting with your boss for an informal chat.
However, you don’t need to schedule a formal meeting with him. It is a personal matter, not a professional one.
2. How To Ask Your Boss For Money He Owes You- Come Up With A Game Plan:
Don’t go into the meeting without knowing what you’re going to say. Write out what you want to say and practice it before a friend or family member first.
That way, you’ll sound more confident when you finally approach your boss. It will also help keep the conversation flowing in the right direction.
It will help you stay calm when asking your boss for the money he owes you.
3. Be Polite And Professional:
When asking for your right, try to be polite and professional. Withdraw from the situation with a stay in everyone’s best interest.
The last thing you want is to get into a heated argument. Consequently, it could damage your relationship with your boss or cost you your job.
4. How To Ask Your Boss For Money He Owes You- Come Ready:
If this is an informal meeting, bring up the money before bringing up anything else.
But if they ask about work items first, go ahead and talk about them before asking for the money he owes you.
Make sure not to let it drag on too long. You can forget about asking your boss for money he owes you in favor of the topic at hand.
5. How To Ask Your Boss For Money He Owes You- Don’t Make It Personal:
Please don’t make the meeting about you, even though it’s about the money he owes you. The two of you should handle their request professionally.
Make sure not to take it personally. Do not mention other employees who have come to ask for money they were due in the past.
That will help show that you’re asking because your boss should give back what they lent. Do not let it seem like you want something else from them.
6. Mention A Situation Where You Need To Spend Your Money:
Well, this step is a bit of a manipulative one. When asking someone for something back, let them think you urgently need it.
Likewise, when you ask for money back, share an urgent matter where you have to spend the money.
It can be like a home bill, your children’s fee, a hospital bill, rent, etc.
In this way, your boss will realize that he can not delay it anymore. It will help speed things up.
7. How To Ask Your Boss For Money He Owes You- Keep The Pressure Down:
There are two different types of pressure in this situation. You don’t want to use the wrong kind when asking your boss for money he owes you.
Don’t let your voice get louder or show any signs of frustration because it will only lead to disaster.
On the contrary, if you remain calm and confident in your words, your boss may give in with more ease.
Approach your boss with the right words. You don’t want to come across as demanding. Keep the conversation light and cheerful, but make sure the message is clear.
8. How To Ask Your Boss For Money He Owes You- Know When To Fold:
There’s always a chance that is asking for money he owes you won’t go well. Knowing when to back down if it becomes clear that your boss isn’t going to pay up.
Please don’t get angry, start yelling, and don’t threaten them.
Just thank them for their time, leave, and plan your next steps.
It might be wise to wait until another time when they might be more willing to repay what they owe you.
9. Thank Them For Returning The Money:
After your boss has agreed to give back the money he owes you, thank them for doing so.
It will help to keep the relationship positive. It’ll be less likely that this situation will happen again in the future.
If they don’t have the cash ready or available right away, try to develop a repayment schedule.
10. How To Ask Your Boss For Money He Owes You- Follow Up After The Meeting:
Make sure to follow up with your boss after the meeting to ensure everything went according to plan.
If they say they’ll get back to you, be sure to check in regularly until they repay the total money.
You can send them an email, thank them for returning the money, and set up a time to check back in.
5 Benefits Of Lending Money To Your Boss
There are many benefits to lending money to your boss.
1. Your Good Will:
The lender gains goodwill. The boss will likely reciprocate in some way. It can be in the form of future favor, raise, or even a promotion.
You will demonstrate that your boss can rely on you in time of need. It will build your boss’s trust in you.
2. Boss’s Responsibility:
When the boss repays the money, he is responsible and reliable.
It is especially beneficial if your boss plans to ask for a loan in the future.
3. Strengthening Of Bond:
Repayment of the loan shows that the boss values the relationship with you.
It will be a way to strengthen the boss-employee relationship. It lays the ground for future cooperation.
Both parties know that they can count on each other when needed.
Last but not least, the act of lending money to your boss and him repaying it will build rapport between the two of you. It will show that you are a friend as well as an employee.
4. Eliminating Negative Feelings:
Fourth, by repaying the loan, the boss eliminates any negative feelings about you.
The repayment of a loan is an act of goodwill and strengthens the relationship.
5. Avoiding The Appearance Of Being Desperate:
Finally, the boss can avoid the appearance of being desperate for money.
Lending money to your boss in a discreet way will show that you are a helpful and generous person.
6 Proper Ways To Lend Or Borrow Money From Anyone
When it comes to lending or borrowing money from your boss, there are a few things you should keep in mind.
1. Keep It, Professional:
Always keep it professional whenever you ask for money or repay debt.
Don’t let emotions get in the way of the loan transaction. It will only lead to problems down the road.
2. Create A Written Agreement:
If you’re lending money to your boss, put everything in writing. It will help avoid any misunderstandings about the terms of the loan.
It’s also a good idea to have both parties sign the agreement.
3. Agree On Terms In Advance:
When repaying a loan, try to agree on the terms in advance. It will help avoid any misunderstandings or hard feelings.
You can negotiate and set the time and date of repayment. Moreover, you can define the interest rate if needed.
4. Keep Records:
Make sure to keep records of every transaction. It will help if there are any disputes about the loan down the road.
It will be necessary when taking legal action against your boss. We hope things don’t turn out that bad.
5. Use A Third Party:
If you’re uncomfortable with the idea of lending or borrowing money from your boss, you can use a third party.
It could be another friend or family member. They can act as an intermediary between the two of you.
6. Be Careful About Who You Lend Money To:
Finally, be careful about who you lend money. Not everyone is responsible and reliable when it comes to debt repayment.
Make sure to do your research before handing over your hard-earned cash. If you know your boss won’t give it back, excuse yourself. Say no right away in a disguised way.
When asking your boss for the money he owes you, always remember to keep it professional.
Make a game plan and mention a situation where you have to use the money. In addition, do not take it personally; keep emotions out of the problem.
Create a written agreement and agree on the terms in advance. Use a third party if needed. Be careful about who you lend money.
Most importantly, be careful about who you lend money to. Excuse yourself right away if you know your boss won’t give it back. Say no in a disguised way.
You’ll ensure that both parties are happy with the exchange by following these tips.
Last Updated on 1 year by Shahzaib Arshad
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