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Write You - Getting Paid Sooner
This career tip is for you . . . if you’re serious about making a career or job change. Knowing your options and having a strategic plan are critical to your success in today‘s job marketplace.For instance, according to recent reports, your lifestyle may seriously affect your career or job choice. Did you know that people without spouses or children will represent one of the fastest growing segments of the workplace population?As a result, employment law experts warn that discrimination suits based on parental status are likely to emerge.That’s because in 2004 there were 46.4 never-married adults in the U.S.--more than double th
4. Ask clients about their bill-paying cycle. You
“A penny saved is a penny earned”, the old adage attributed to Ben Franklin, only tells half of the story. A penny saved is really better than a penny earned, because you don’t have to pay taxes on it. Here, then, are some time-honored ways for you to save money and improve the bottom line for just about any business:1. Review and Update Your Business GoalsMany people are adept at staying very busy while accomplishing nothing of value. Don’t fall into this trap—and, if you do--dig out as quickly as possible.In order to succeed, you must set clear goals. If you have employees, those goals also need to be communicated to them.
How can you avoid being the involuntary banker for slow-paying customers? This is a frequent issue in our Business Group meetings. Here are ideas from the last such discussion:
1. Get a merchant account. Have people pay you by credit card as soon as work is done. If people pay you monthly, enter their card number into your system, so you’ll bill them automatically. This costs you a couple of percentage points, but you get your money right now. It’s amazing the large amounts that businesspeople put on their cards! They want to build up their miles. We recently put a “shopping cart” on our website so that customers can enter their credit card data by themselves. They may end up buying more from you this way, since they now owe the credit card company, not you.
2. Spell out your billing policy in your Terms and Conditions. Too many small businesses are fuzzy on this, and customers take advantage. If you don’t sound like getting paid on time is important to you, you won’t be. For example, some companies say “2% 10, net 30,” i.e., “You must pay within 30 days, and if you pay within 10 days, deduct 2% from the balance.”
3. Bill on time, and bill for all the work you do. This sounds obvious, but many business owners are notoriously lax at this. Instead of invoicing monthly, consider billing twice a month. Send bills out as soon as work is done; don’t wait till the end of the month.
4. Ask clients about their bill-paying cycle. You
Branding not only means consistency, it means that you have to put in an effort to make sure that you pay attention to details. Before you begin on your journey to create a brand, here are some elements that make up a brand:LogoBusiness CardsFontsColorsBrochuresEmail signaturesVoice mail messagesCustomer interactionMusic on the phone or other locations Branding is about identifying your company, products and services in way that differentiates you from your competitors. It also creates a customer perception about you and your company through an experience and prom
2. Spell out your billing policy in your Terms and Conditions. Too many small businesses are fuzzy on this, and customers take advantage. If you don’t sound like getting paid on time is important to you, you won’t be. For example, some companies say “2% 10, net 30,” i.e., “You must pay within 30 days, and if you pay within 10 days, deduct 2% from the balance.”
3. Bill on time, and bill for all the work you do. This sounds obvious, but many business owners are notoriously lax at this. Instead of invoicing monthly, consider billing twice a month. Send bills out as soon as work is done; don’t wait till the end of the month.
4. Ask clients about their bill-paying cycle. You
When it comes to metal fabrication equipment, you may have heard of an angle roll bending machine. Some may refer to it as a section bending machine, but its purpose is still the same - form raw pieces of metal into desired shapes and sizes.If you have ever seen an angle roll bending machine, you would agree that most are constructed in a vertical steel frame. It is common that the bending portion of the machine is located on one side, with the power and drive of the machine on the opposite side.This writing is intended to educate and help the purchaser of Angle Bending Machines to ask the right questions when considering a purchase.
2. Spell out your billing policy in your Terms and Conditions. Too many small businesses are fuzzy on this, and customers take advantage. If you don’t sound like getting paid on time is important to you, you won’t be. For example, some companies say “2% 10, net 30,” i.e., “You must pay within 30 days, and if you pay within 10 days, deduct 2% from the balance.”
3. Bill on time, and bill for all the work you do. This sounds obvious, but many business owners are notoriously lax at this. Instead of invoicing monthly, consider billing twice a month. Send bills out as soon as work is done; don’t wait till the end of the month.
4. Ask clients about their bill-paying cycle. You
President Bush has done an excellent job in lowering taxes and strengthening the economy even after the Dot Com bubble burst he had to deal with and the 911 attacks which preceded to eliminate some 7 Trillion Dollars out of the US Stock Market, without any forewarning to investors, corporations or Mutual Fund holders. Recently, President Bush gave a quick speech and interview at the NY Stock Exchange on Corporate CEO pay stating that pay needs to be tied to performance.Obviously, for too long Corporate CEOs have raped companies, while not producing profits or growth. And yes and this speaks to the comments made by detractors about Exxon's CEO L
3. Bill on time, and bill for all the work you do. This sounds obvious, but many business owners are notoriously lax at this. Instead of invoicing monthly, consider billing twice a month. Send bills out as soon as work is done; don’t wait till the end of the month.
4. Ask clients about their bill-paying cycle. You
As author of a book defending advertising against its many social and economic critics,* here is the one question I am most frequently asked: “What about subliminal advertising?,” to which I typically respond: “What about it? It doesn’t exist!”That’s the short answer. Some elaboration is required.The term “subliminal” means beneath the threshold of perception. Many things are subliminal, such as the circulation of our blood, which we normally do not feel, experience, or perceive moving throughout our bodies. And it is possible to have our skin touched in such a way that we do not notice the touch. Subliminal advertising, however, is supp
4. Ask clients about their bill-paying cycle. You may discover, for example, that a client pays bills on invoices received by the 25th. If your invoice reaches them on the 26th, it sits in an inbox for a month. Ask a new customer what you need to do in order to get paid. With a larger company, you may have to fill out a “Vendor Payment Package” before they pay you. If you don’t fill these forms out initially, they’ll send them to you when you submit your first invoice, thus slowing payment.
5. Make collection calls, or have someone else do this for you. Don’t delay. If payment is due on Day 30, call on Day 31 if you haven’t received it. People often pay those who ask for payment, and let others slide. When you call, don’t be aggressive or snippy — or apologetic. Never plead with them to pay because you need the money; request their payment because it’s due. Your tone should be firm, not nasty; stay focused. Be sympathetic, but do not get sidetracked by excuses. Get a commitment on payment – when and how much. Take the lead in getting terms set.
Is there a problem? Solve it. Talk to your customer; ask if there is a problem that causes them to pay you slowly. If they question the amount of your bill, explain it factually, off
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