Who is in control of your business....

 Has the penny dropped…?

 “Send me your invoice and I’ll transfer the money!”…. Says the lovely customer. You wait and wait and no payment arrives. Just one non-payment is the thin edge of the wedge but Non or late payment for work can spread like virus and have a huge impact on you and your business.

 If you are walking away from new customers without collecting payment then guess what…?

…. you are no longer in control of your business!!

 You have just handed your customer complete control and while you may think that may sound a bit extreme, I am seeing it play havoc on many business owners.

 I can see it causing anxiety, frustration and anger to the extent that it is impacting you personally and as a result it impacts other parts of your business.

 Eg. You have to start spending your precious time and your money to collect that money that should already be in your bank. This leads to resentment that starts to impact on how you feel and how you deal with other things in your business, including new and current customers, etc… etc….

 Then resentment turns to anxiety as you have bills you need to pay……

 Isn’t it time to stop the rot…??

Here is the GOOD NEWS - you can change IMMEDIATELY if you have a clear terms of payment and you can stay disciplined.

You can take back control immediately by setting out how you want to operate your business and don’t let customers do anything different.

 Talking to a franchisee in a recent 1:1 he is very clear about his payment terns and if the customer doesn’t agree then he politely declines to work for that customer.

 He may lose the odd customer but he operates his business without the stress caused by customers deciding when they will pay you.

 I am seeing more and more franchisees doing the same with clear payment rules, and while I understand it is hard to maintain the discipline - you will not remove that stress and anxiety caused by poor cash flow - UNTIL you stay totally disciplined and maintain control of the way your business operates.

 You can start today and see the benefit immediately.

 Take Back Control today.

 

Recommended Payment Terms

  • All consumer work – full payment on completion of first visit
  • Work required with specific parts (that you need specifically to that job) – 50% deposit paid in advance
  • Commercial – new customers (payment on completion) or agreed terms if they are a “regular” customer (any credit given to a customer is a risk you must accepted and be able to manage as part of your working capital)

 

 

NB

This note is for me as much as it is for you or others. At times we are not as disciplined as we should be and I have allowed non-payment of services to occur. We are starting to take a firmer approach to people that owe us money before it starts to impact our business.

Location: Henley-on-Thames RG9, UK

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