Stop Chasing Payments: Tips for Getting Paid on Time

As entrepreneurs, we pour our hearts and souls into our businesses, striving to deliver exceptional services to our clients. But there's one aspect of running a service-based business that can cause significant headaches: chasing payments.

In this edition of our newsletter, we're tackling this common pain point head-on with practical tips to ensure you get paid on time, every time. Let's dive in:

1. Don’t Work for Nothing:

It's a simple rule, yet one that's often overlooked—never provide your services before receiving payment. Protect yourself from potential exploitation by requesting a substantial portion of the payment upfront. Aim for 50% to 75% to mitigate risk, and structure the remaining payment to align with project milestones or completion.

2. Charge for Add-On Work:

Scope creep is a real threat to your bottom line. Clients may innocently expand project scopes, leading to additional time and effort on your part. Safeguard your profits by clearly outlining your charges to cover the agreed-upon scope of work. Any additional tasks should trigger additional charges, ensuring you're fairly compensated for your expertise.

3. Tie Discounts to Prompt Payment:

Discounts can be powerful motivators for prompt payment—but only if used strategically. Link any discounts or special offers to timely settlement of invoices. For instance, clients may enjoy a discount if they pay by the due date or within a specified timeframe, such as within 10 days. This creates a win-win scenario, encouraging clients to prioritize timely payments while rewarding them for their promptness.

Incorporate these strategies into your business practices, and bid farewell to the frustration of chasing payments. Remember, your time and expertise are invaluable—let's make sure you're compensated accordingly.

Here's to smoother invoicing and more predictable cash flow! 💰

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