Invoice Payment

8 Ways To Get Paid What You Are Worth In Your Own Business Part Two

Our last issue discussed the first four-point in getting paid:

  • Setting your price competitively your price
  • Do not undercut your price to get the job
  • Know when to say No to deals that are bad for you

The final five points are related to creating your “Expert” status no and invoicing.

4. Be seen as an Expert. To gain expert status get your name out there! People spend money with experts. Find a blog in your industry and begin to comment on posts. Offer suggestions to enhance their personal business or project. Always leave your email address so that readers will start to follow you.

  • When they come to your website, capture their email address by offering a free report or free instructions on creating a simple tee shirt or some other easy to make a craft that brings them back for more.

5. Offer a closeout sale quarterly to those email address that you captured through the blog. To do this, you need to make sure you have a way of distinguishing this group from other people who follow you.

Quite often business owners are great at their craft but slow, or clumsy with their billing. If you want to shorten the turn around time of your invoices.

6. Say “Please”, and Thank You.” According to Meredith Wood, Community Manager of Funding Gates an online invoicing company Freshbooks has found that being nice will help get invoices paid by five percent or more.

7. Establish an accounts receivable day. Bill all clients on the established day. Operate on your schedule. FreeAgent, an online invoicing company found the common denominator in getting paid early is invoicing early. Make a decision to invoice within the first five days.

8. Establish late fees for late payments and discounts for early payments. Both will create a sense of urgency to get the bill paid. Get away from using Phrases like “due upon receipt”. Set a due date for each invoice. Clearly state 1 or 2% interest that will be added for late payments and 1 to 2% savings for early payment.

BONUS!

9. Include multiple payment methods. Don’t wait for the check! Offer alternatives like paying online. If you have not done so already, establish a PayPal and or merchant account. Early payment of invoices outweighs the small fee for using online payment methods.

REMEMBER – Don’t forget to write the charges off as business expenses.

Your business needs money to function. Now is the time to GET PAID! How?

  • BE Nice (say “Please” and Thank You”) on your invoices
  • Be Kind (give discounts for early payments
  • Hit Them Where It Hurts (charge a fee for late payments)

Gwen Hill is an author, speaker and seminar leader helping people to create businesses and design an inviting work culture that attracts more clients and builds more productive teams that you ever thought possible.

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