Five Small Things You Can Do To Increase Revenue
How to CLAIM Money That’s Yours
As a small business coach and consultant, I see quite a few business owners who make the same mistakes. It may be due to their misconceptions, not knowing what they don’t know, or they’re too busy. But one of the biggest I see is lost money.
FIND YOUR MONEY
Found money is money you have and is yours, but you haven’t claimed it. Claim it. Here’s how.
1) Unless you have a point-of-sale business, set up clear and concise payment terms Examples of terms are:
· Net 30 (Invoice is due in full in thirty days) · Upon Receipt (I think you can figure that out)
You get the idea. Your terms of payment need to be established upfront. They should be stated on any contracts. 2)When gaining a new client/customer, ensure you have all their contact information, not just a cell phone number. I created a template I have my clients fill out. It includes a place for a business name, type of business, mailing address, emails, and, importantly — where to send the bill and who is paying it.
3) Set your accounting system up to have an automated reminder that payment is due soon. Annoying, yes to get these. But let’s be real — people are busy. And, if you’re dealing with another business, perhaps the person who pays the bills doesn’t have your information. This happens a lot — see step 2. 4)Make it easy to get paid. Use a system that accepts debit and credit cards. If you are charged for credit cards, then pass that on to your customer. Use systems like Venmo, Paypal, Square, and even QuickBooks makes it easy to pay. 5)Collections. This word scares a lot of people. It shouldn’t. It’s your time, money, and business. If you’ve done all the steps above and find you have a client/customer who’s not paying after you’ve sent out a past-due reminder and made a phone call. It’s time for collections.
In one of my early businesses, I had clients who took months to pay. And I let them. They walked all over me — because they could get away with it. After their initial letter saying they were going to collections if payment wasn’t made in full in ten days, guess what — I got paid. Then, I recommended since they had the same amount due every month, they should set me up on auto-pay. Problem solved.
Use these 5 EASY Steps to increase your cash flow and have a consistent, reliable income stream.
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