‘How To Prevent Cash Flow Problems And Get Paid On Time’
Do you ever experience undue financial stress because some of your clients are ’slow payers?’ Before working with me, one of my clients who has a pool building business, only asked for a 10% deposit at the start of the project and then invoiced the balance at the end of it.
The process of building a pool takes weeks! In the meantime her company would have to cover wages, equipment and all other costs throughout this time. What often happened at the end, the clients were slow to pay causing them even more financial stress.
It was easy to fix their cash-flow issue. 50% payment was made on the 
signing of the contract with progress payments made throughout the key stages. Final payment was made before completion.
Work would not continue until each progress payment had been made.
If they had waited for that last payment, chances are it would have been delayed. No payment, no work! It’s amazing how quickly you can get your money when you make these simple changes to how you do business.
Never deliver anything without some form of payment. Wherever possible get credit card details and partial or full payment up front. Avoid having to rely on your clients paying you by bank transfers, cheques etc. if you can. You want to have control over money owed to you. Allowing payments to be made by a bank transfer or cheque means you have to rely on your client to actually do this.
If you’re worried about the bank or credit card company fees, increase the cost of your products and services to incorporate them.
If you offer high priced services and products, consider setting up an automated payment plan over a period of weeks or months to make it easier for clients to buy from you.For instance, my Productivity and Profit Home Study System has the option to either purchase the system in full or 8 easy monthly instalments. If you were going to invest in this program, which option would you choose? I also apply the same policy to my personal and group coaching programs. All payments are made in advance.
Why be time poor and struggle in your business, when you can easily generate more income and have more free time. Click here to find out more.
Getting paid for your products and services on time is vital…that’s if you want to stay in business.Many small business owners simply do not know how to set up their systems so that this part of their operations requires minimal time and causes minimal stress.
Lorraine Pirihi, The Productivity Queen, is Australia’s leading Productivity Specialist and creator of “The Productivity and Profit System TM” the complete one-on-one training program for solopreneurs and small businesses that shows business owners exactly how to work less and earn more! To receive your F.R.E.E. CD & Report “3 Steps to Dramatically Reducing Your Workload and Stress While Maximising Your Profit$! ($77 value) go to www.productivityqueen.com.
