by Sharon McNeal
It’s getting tougher and tougher. You will need to be tough sometimes and sympathetic at other times. Try these tactics.
- Specify your late payment policy in contracts and on invoices.
- Invoice based on work performed, not for a time period.
- Send your invoices promptly.
- Time your last invoice while the work is underway.
- Take legal action if necessary.
- Change payment terms to COD for slow paying customers.
- Do drop in but bring specific documentation with you. “You don’t need to mail the check, I’ll collect it.”
- Get a specific payment date.
- Keep records for your collection conversations.
- Use guilt, not anger.
- Don’t hesitate to negotiate.
- Ask for the oldest bill first.
- Never give up.
May the force be with you!
Control your finances and work smarter!
Biz 4 the Rest of Us® helps small business stay in business. Visit our website at www.Biz4theRestofUs.com to improve your financial literacy and to see your business from a different perspective.
Sharon McNeal, owner of Biz 4 the Rest of Us, helps small businesses keep their doors open. Attend one of Sharon’s Small Business Survivor distance seminars on planning/growing a business, running it better or understanding your finances. These seminars explore the business issues behind article and newsletter case studies. For details, visit www.Biz4theRestofUs.com or send request for a new topic to info@Biz4theRestofUs.com .
Visit our web site at www.Biz4theRestofUs.com and sign up for The Small Business Survivor newsletter.
Copyright 2010 You may re-print the above information in its entirety in your publication or newsletter. For permission, please email your request for “reprint” to info@Biz4theRestofUs.com