Here’s How to Get Paid On Time

No one likes being in those tough situations where a client is late on a payment and you have to make a collection call. Collection calls are usually held off and made haphazardly only when you’re short of money and need those funds to pay expenses. By holding off on making that call and collecting, your business and cash flow suffer.

 

You’re never too busy to make collection calls, no one likes to make them. They can be tedious and risky. It could create tension with the client and potentially jeopardize future business with that person – or you could not get paid at all. Take a look at these tips to help make sure that you get paid on time.

 

Acceptance Letter

By adding an acceptance letter to your invoicing process, the client signs this document after you have delivered your product/service but before invoicing. Make it clear that everything has been delivered, it’ll prompt clients to disclose any potential issues they may have.

 

Managing Disputes

If the dispute is valid, address the issue immediately. In this case, consider showing them the signed acceptance letter. Only if this approach doesn’t work, then consider speaking to a legal counsel to determine the best solution.

 

Track Your Invoices

Take notes on a notepad or use the invoicing aging report that comes with most standard accounting packages.  This will allow you to keep track of who owes you what and when.

When the invoice is a few days past due, give them a call and ask if there are any issues and if they can provide you with an expected payment date.

 

Late Payments

Always remember to show your client respect and professionalism – even if they don’t show it to you. This is both a good business tactic but also a good collection tactic.

 

Be sure to visit the Bullfrog Blog often for more tips on productivity, marketing and risk mitigation.

 

A Better Marketing Plan Can Increase Your Profits

If you’re a small business owner, then you already know that you have to fight daily to get your business message out and across to consumers. Some suggest that to increase profit you just need a better marketing plan, well that’s easier said than done. You know you must reach new people outside of your initial circle for your business to grow and succeed. But what’s the best marketing plan that will help you get paid better and faster?

 

With there being more content than ever before now, and multiple ways to consume products – it can be cutthroat sometimes. A marketing plan is non-optional; you need to cut through all the noise and get your business in front of your ideal customer. If you have a clear, thought out plan and have done your research then your business will grow. Growth means more profit.

 

Create a Plan

Once you know which direction you want your business to go in, you need to create a clear and concise plan. Find time in your day to sit down and map out a business plan for the next 5 years, and break down each year with specific goals such as; income, growth, target markets/demographics, different paths, the list goes on. Once you have these questions answered, it will make it much easier for you to begin to lay out a marketing plan for your business.

 

Know Your Target Market

If you don’t know your markets, you’re going to have a problem. Your businesses success will take hard work, and it starts by doing your research. Whether you’re selling yourself, your services or a physical product, you need to know why people are going to want to buy it from you. Ask yourself, what makes you stand out over your competitors?

 

Do Your Research

Turning all your planning and research into a business that regularly gets paid more than you’re making now, you need to start by focusing on your businesses current income. The first step to increasing your income is by increasing your customer base, from there you’ll reach the next income level, and so on and so forth.

 

Easy Payment System

If you have an easy to use payment system, it’ll make it easier for your customers to give you their money – you won’t want to make that one hard or they may not have the patience and go elsewhere.

 

Set up a proper marketing plan, make it clear and concise, do your research and watch your business grow.

Be sure to visit the Bullfrog Blog often for more tips on marketing, productivity and risk mitigation.