One of the most important aspects of your business is making sure you get paid on time. Keeping things simple goes a long way:
- Get your invoices out quickly, accurately and to the right contact, and with your bank details included. This sounds obvious, but you’ll be amazed how often this doesn’t happen.
- Keep payment terms short.
- Follow up quickly on unpaid invoices. Pick up the phone – it’s much easier and quicker to sort issues out and come to a solution by talking to your customers than sending emails/text messages that can easily be ignored. A slow payer can easily turn into a bad debt – these can crucify otherwise successful businesses.