When you’re starting a new business you want to make sure you’re establishing your reputation within your industry, making connections and you’re bringing in enough money to keep your business, not just going, but growing. Making sure the hard work you and your team are putting in every day is reflected in your bank account is one of the hardest hurdles to clear as a small business owner.
To make it easier for you, here are three tips to help you get paid quickly as a small business owner.
- Have incredible invoices
So, you’ve got clients, you’re working and now the time has come to invoice your clients. Some clients are always going to drag their feet or drop off the grid when it comes time to settle their bill but having impressive and easy to navigate invoices will motivate your clients to pay quickly.
Here are some tips to make sure you’re invoicing like a pro:
- Invoice immediately. Once you’ve finished your work have your invoice ready to go as soon as you’ve delivered the finished product while you’re at the front of your client’s mind.
- Invoice correctly. More than just making sure that all your details are correct (which is an absolute must) you should also make sure you’re invoicing the right person.
- Offer multiple ways to pay. Make paying as simple as possible by offering your clients multiple ways to pay, allowing them to pick the option that is best for them. Offering direct transfers, credit card payments, BPAY or the ability to pay in foreign currencies might stop your clients from procrastinating your payment.
- Have an exquisite invoice. First impressions are everything so a client will be far more likely to pay promptly if your invoice is aesthetically pleasing and easy to read.
For find out more about best invoicing practices and the tools on the market that can
help you design top-notch invoices, check out this informative article.
- Set rules
Sometimes you have to lay down the law by setting strict payment terms with your clients or customers. It is up to you to set a time frame in which you expect payment for services you’ve provided, maybe monthly for ongoing services or two weeks after your goods and services were provided. This time frame should be something you and your clients agreed upon when agreeing on the fee earlier in the engagement before you have started work on the project.
Having made these terms clear to both parties will give you more leverage to follow up if a client fails to pay within the pre-determined time frame. As awkward as chasing down payments can seem, your cash flow will suffer if you aren’t paid promptly. So, as uncomfortable as the conversation may be, you have to be strict and chase up missed payments – for the good of the business.
To read more about how to write your own firm but fair terms and conditions for your invoices, click here.
- Make them want you back
The best way to make sure you’re clients pay on time is by providing such a good service that your clients are so keen to have you back that they go out of their way to stay in your good books. Make sure that you are providing not just a great service but that your interactions and customer service are so overwhelmingly positive that your clients are self-motivated into paying promptly.