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Summary: Slow payers affect every business. Because they can seriously affect cash flow, it's vital that small businesses have a system in place to manage them.
Total words: 750
Category: Small Business
Shaking The Money Tree: Managing Slow Payers
Copyright (c) 2002 by Angela Booth
When you're running your own small business, especially if you're a solo operator, you need four pairs of hands, eyes in back of your head, and psychic abilities don't hurt either.
Most of your clients will be wonderful, but some will be difficult. And unless you have a system in place to manage them, slow-paying clients fall into difficult class. If you allow it, slow-paying clients can damage your cash flow.
My system for managing slow-payers is simple. So far it's worked well, but I'm thinking of revising it, and following up more quickly.
=> Get it in writing
If you provide a service, you need a basic agreement that you automatically give to all new clients. You can tailor this basic agreement as necessary.
For example, when a new client hires me for a copywriting project, I send him my Writing Services Agreement.
Here it is ----
<--------------Writing Services Agreement -------->
Your signature below authorizes me to write copy for project above, for fee stated.
Two revisions are included if requested within five days of your receipt of copy, and are not based on a change in assignment brief made after copy is submitted. Balance of payment is due on receipt of invoice.
You understand that assignment is work done for hire, which gives you copyright. You release me from any responsibility for legal or other problems that may arise from use of any copy I write for you.
<------------------------------------------------->
The agreement covers details of project, as well as terms of payment.
Most clients are good about agreement, and readily sign it. But what happens if you have a rush job --- say a client needs some work done within next few hours --- and there's no time for formalities?
