[Finance Friday Practice: Get Paid!]
CASH is the LIFEBLOOD of a BUSINESS.
We need to keep it coming in as quickly and as regularly as possible. That is why getting paid is a #1 priority for me.
Cash supports you in doing THE WORK you are in business to do.
Having enough cash in the bank DECREASES STRESS, which allows for increased CREATIVITY.
It is also GOOD for your CUSTOMERS. Let me tell you more about this.
Paying you in a way that is clearly defined makes your customers feel safe.
Let’s look at this from our customer’s point of view.
When I buy something, I want to know:
• How much it costs
• How to pay for it
• When the money is due
Your customers are trusting you as the professional. All the policies in your business are a mirror of how your customers will expect you to deliver.
If you don’t ask for payment, leave it hanging around as a loose end, or make it difficult they will not trust that you can deliver on your customer promise.
I’ve talked to entrepreneurs that tell me they are really bad at getting paid, they don’t have a system for collecting money, they scramble around to collect it when they need to pay their bills.
Don’t do that to your customers or your business.
We take care of our business by getting money in the door ASAP, and we take care of our customers by allowing they to pay us clearly, easily, and hopefully up front.
Here are some ideas to improve in this area:
• Take a look at your process for getting paid and see if improvements can be made
• See if you can price and get paid up-front so payment can be taken care of and the focus can be on the work and not money
• Set up reoccurring payments that happen automatically if you work with your customers on a reoccurring basis
• Add additional payment methods giving your customers more options for how to pay you
• Add a way for your customers to pay you via your website
• Define and document payment policies even if only to remind yourself of how you do things
• Create a system for following up on past due amounts and add this regular activity to your calendar
• Do some writing or work with a coach around this topic if receiving money is hard for you
Now let’s get paid!
Get paid is one of the Finance Friday Practices we work on in the Private Facebook group I lead. This private Facebook group is a Mastermind Group for entrepreneurs that want to increase profits in their business by paying attention to their numbers. Click here to join for daily and weekly inspirations, calls to action and be a part of a community working toward similar goals. http://loveyournumbersnow.com/financefridays