Tag Archive : get paid

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How to avoid not-getting-paid situations

2017-09-28 | ALL, Guide | No Comments

How to avoid not-getting-paid situations

It happened to all of us. It does not matter if you are a freelancer or running a small business. We all have come in a situation to face clients that are not paying or being late with payments. In order to run a successful business and protect your cash flow if you are a freelancer, each of us has to have a strict organization in the client communication.

Here are several rules you must do in order to avoid not-getting-paid situations:

  1. Add Payment Terms and Project specifications in writing – either in the agreement contract or in each invoice to make sure the client is informed
  2. Research the client before you start working with him/her – do a simple google search and check out the client and potential reviews about that company or person online. You can check reviews on Google, Upwork, Linkedin or even Twitter.
  3. Have a paper trail: Email your client and ask them when you can expect the payment. Keep things professional and don’t sound too desperate. For me personally, it said: “We will pay on Monday” (it was Thursday).
  4. Follow-up: Wait a few days and send another email. If you have a good relationship with your client, consider an emotional approach. My client was communicating with me about recurring tasks every day so I waited and reminded him at the end of each day continuously for two weeks. The answer was always “We will send it tomorrow”.
  5. Do things automatically. Use software to send invoices, reminders to clients and notifications if the invoice is paid or not. That will keep you organized and you will not worry if you will forget that client or payment.
  6. Communicate, communicate – email, chat or even a short phone call can take you closer to getting paid. Just keep in mind to leave the emotions at home and stay professional.

Keep yourself organized from start to finish will make you a better professional, will create a better image in front of your current and potential clients and will get you paid on time. That way you will protect your cash flow and your business.

4 ways to protect your business cashflow

2017-08-15 | News | No Comments

4 ways to protect your business from cashflow

Most businesses have one common enemy, and that is cashflow problems. It does not matter if you are selling a product or providing a service, in case you don’t get paid on time, your business might be on the edge to fail.

According to the statistics, 41% of failed businesses blame cashflow issues as a primary reason for their failure.

So most small business owners handling invoicing and billing is an unknown territory. So they either transfer all this is accountants and business advisors or try to handle themselves and fail to run it properly.

But as a small business owner, there are several hacks you can do to keep away from cashflow issues and concentrate on your business. Here are some of them:

Separate your personal and business funds:

Even though it seems very simple example, there are a lot of business owners that think they can start and run their business with merged personal and business accounts. But when they start sending invoices, they can come to a situation when they won’t have money.

Follow up invoices quickly:

Most business owners tend to let invoices go late – either because they are caught up with other business relates tasks or they are afraid to look push while chasing payments. This can be solved if you are using an invoicing software where you can create reminders and ready-to-go emails to send regarding your due payments.

Secure your work in the beginning;

Some business take deposits for new customers, finish one part of the project before receiving the payment or find other arrangements to secure that their time and effort will not go to waste and they will be paid in the end.

Use recurring invoicing for regular customers or clients:

Most businesses that sell products and services paid online use recurring methods to keep their customers engaged and keep the money coming each month. If you are using an invoice app or invoicing software – you can use recurring invoicing and not worry if you will get paid on time each month.