Managing your customers payment terms!

 In Growth Strategies

How do you manage collecting money due to you? Are your payment terms clear and discussed up front? Are you dealing with a new customer? How do you know after you do the work you will be paid?

Collecting cash can be most difficult for small business owners. Billing little and often with any new customer is always a good strategy. You’ll learn immediately if the customer is a good paying customer and adheres to your terms. Never leave billing for a long period of time. It’s always best to bill immediately after the work is done, while the customer is happiest with your service and has it fresh in their mind how good a job you’ve done!

The Companies Registration Office have public records of limited companies that can beneficial if deciding to do a large job for any one customer (before you agree terms)!

When it’s time for payment and you’ve invoiced or emailed but the funds still aren’t in your bank account, it’s always best to pick up the telephone. It helps form a strong relationship with a client and shows the client your payment terms aren’t negotiable. While it’s obviously not in line with the legislation on payment terms, some businesses only pay bills in order of who shouts loudest. I’m not suggesting anyone wants to shout at their clients, but picking up the telephone and mentioning you’ve an outstanding bill and would like it to be paid by xxx date (always put a time frame on it for follow up and keep the note of who you spoke to!) is key. If you’re dealing with clients on an ongoing basis, they get to know your style and before long you’ll have clients that adhere to your payment terms with a lot less hassle than your competitors.

Saturday 24th June 2017 what will you be doing?

Join like-minded female business owners for a day out focused on growing their FINANCIAL CONFIDENCE.

Wendy and Sarah are hosting a one day workshop in the Glenview Hotel in the Garden of Ireland, Co Wicklow. Breakfast network session in the lovely Malton Lounge and lunch in the Woodlands restaurant overlooking the beautiful Glen of the Downs valley are included in the price.

Practical take home advice will be given on the day to allow you to immediately put in place what you learn.

Book here :

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