Review your ‘Terms and Conditions’ and get paid on time
We all know just how frustrating it is to spend time chasing clients who don’t pay on time.
It feels so annoying that you’ve provided your service and their either:
- Ghosting you due to whatever reason they will likely come back with.
- Have queries about the tasks carried out but haven’t had chance to talk with you about them.
- Don’t have the money available and don’t think to ask about an agreed payment plan.
I do hope you all have strict payment terms on your terms and conditions stating when payment is due, with an explanation of what will happen if they are not met.
The exact same on your invoice, stating your payment terms e.g. 14 days from date of invoice.
CASH FLOW IS KING
It’s a given that if you have 14 day payment terms, companies will likely take you to the 30 days. But they shouldn’t make you wait any longer. If you’re a small business, cash flow is king. It can take just a couple of late paying clients to cause a cash flow problem, especially if they push late payment over 2 or 3 months.
If your practice or business has associates or employees, we all like to make sure they get paid on time. Having late paying clients puts stressful pressure on your cash flow, having to pay your associates or employees beforehand.
If you feel you need your terms and conditions or invoice template reviewing, get in touch with us.