Medinah limousine Chicago airport ... Chicago Drug testing

Encouraging Your Customers to Pay On Time

Nothing can drive a business down faster than customers who don't pay their bills as agreed. When you sell to customers on credit you are making an agreement with them. You will provide them with goods or services in exchange for their payment within the terms you agree upon. Period.

What I'm seeing more and more of is businesses using their suppliers as banks. Taking 60-90 days or more to pay a bill is becoming more and more common. I've seen some business owners shrug their shoulders and just accept that nothing can be done about it. That's just the way it is.

Naturally, I disagree with that approach. The reason you grant credit is to increase sales. But, the sales you want more of are the sales that pay and don't drag your business kicking and screaming into the Cash Flow Swamp.

So, what's a business owner to do?

Late paying customers can create a serious threat to the survival of your business. Whether you're just starting out or you've been in business for awhile, it's a critical business function to develop a solid plan to get paid.

Here's an example of a solid plan:

You decide your business will not grant credit. You decide to be paid up front before you provide services or products. You get set up to accept credit cards or use Paypal (or both). You communicate in no uncertain terms (nicely but firmly) what your payment terms are. You explain that payment is due before (or at) the time of service or purchase and that you accept cash, checks, money orders, credit cards and Paypal. Period. Then, you stick to it with no exceptions. You make that a condition of doing business. Communicate it firmly and respectfully. Don't waffle or apologize. People who take advantage of others can sense weakness. So can people who always have a tale of hard luck and woe. It's human nature.

Remember, late paying or nonpaying customers are endangering the survival of your business. These are not the customers you want to do business with. You'll have nothing to show for your work but stress and poverty. If you want to do some of your work for people in tough situations, donate your time but do it with the understanding that the majority of your time has to be spent on work that pays.

If you're working on a big project, set the expectations before you start so that a condition of doing the project is incremental payments. A percent before you begin, a percent during the project at specified intervals, and the remainder due on completion. This gives you the option of stopping work if you're not getting paid.

As with all areas of business, the best Defense is a good Offense. Set the standard for how you'll be paid, communicate it, and stick to it.

Caroline Jordan is a small business mentor and consultant helping small business owners understand, diagnose, and improve cash flow in their businesses. For more information and resources to improve cash flow visit http://www.TheJordanResult.com/mastering.html.

In The News:

NASA launched a spacecraft Tuesday night on a mission to smash into an asteroid and test whether it would be possible to knock a space rock off course if one were to threaten Earth. The DART spacecraft, short for Double Asteroid Redirection Test, lifted off from Vandenberg Space Force Base atop a SpaceX Falcon 9 rocket.
The federal government is embarking on a new attempt to explain the unexplainable.
NASA's Double Asteroid Redirection Test (DART) mission, the world's first planetary defense test mission, is scheduled to launch early Wednesday morning.
The historic November 2021 partial lunar eclipse stunned viewers around the world on Thursday night.
A partial lunar eclipse will take place on Thursday night and into early Friday.
A prosthetic-tailed dolphin named Winter that starred in the "Dolphin Tale" movies died Thursday evening at a Florida aquarium despite life-saving efforts to treat a gastrointestinal abnormality, aquarium officials said.
Four astronauts returned to Earth on Monday, riding home with SpaceX to end a 200-day space station mission that began last spring.
If you don’t want to believe tech companies at face value, take your privacy into your own hands
A U.S. survey of astronomers puts the search for extraterrestrial life at the top of their to-do list for the next 10 years.
National Aeronautics and Space Administration's (NASA) Hubble Space Telescope is in safe mode yet again.
Climate change may impact the production of corn (maize) and wheat as early as 2030, according to NASA researchers.
Humans introduced a new life form to outer space on Friday as NASA astronauts harvested the first ever chile peppers onboard the International Space Station.
The Northern Lights may be visible just in time for Halloween.
On Thursday, the sun released a significant solar flare toward Earth, peaking at 11:35 a.m. EDT, scientists say.
A good cleaning goes well beyond just the screen. If that’s all you’re focused on, you’re making an expensive mistake that could take years off your TV’s life.
The scale presented contains seven levels that NASA said are "reflective of the winding, complicated staircase of steps that would lead to scientists declaring they’ve found life beyond Earth."
The San Diego Zoo Wildlife Alliance announced Thursday that two female critically endangered California condors had successfully hatched eggs without the help of male condors.
NASA is now targeting February 2022 for the launch of its powerful Space Launch System (SLS) rocket.
The U.S. military launched three suborbital rockets this week from NASA's Wallops Flight Facility in Virginia.
As cooler temperatures move over the eastern U.S., the West is forecast to see heavy rain and mountain snow, including what's known as a "bomb cyclone" near the Northwest.

Business Reviews that Work

What is the satisfaction & expectation review of the business... Read More

Five Quick Ways to Speed Up Cash Flow

At one point or another, almost every business runs short... Read More

So What? How to Elicit Benefits from Features

"So what?" is a lovely question.It can lead to a... Read More

Practical Money-Saving Tips For Small Businesses

One of the primary concerns all small businesses have is... Read More

Consistency with Janitorial and Cleaning Businesses

Consistency is a huge word when operating your business. I... Read More

What Happened to the Money and Freedom?

Ask anyone trapped in a cubical about their entrepreneurial dream... Read More

When and Why YOU Are the Best Writer for Your Business Plan

WHEN you are operating or planning a small business that... Read More

Mobile Carwash; Senior Citizens and Mobile Homes

Senior citizens are generally not a large marketing segment for... Read More

Entrepreneurs Go Virtual!

With the massive explosion of start-ups and home businesses developing,... Read More

Genius Time? It Matters

I frequently give presentations at small business gatherings, providing me... Read More

Are You Making These Mistakes In Your Business?

You've probably heard the statistic that 95% of small businesses... Read More

Small Business Marketing - Clarify Success

When you hear the word "success" does it bring on... Read More

Your Ideal Client ? A Key Concept for Solo and Small Business Marketing

"I don't know the key to success, but the key... Read More

Business Owners - Do You Actually Own a Job?

How many hours do you work a week? When was... Read More

Online Search: Small Businesses Level The Playing Field

Seventy percent of US households use the web when shopping... Read More

Starting A Concrete Cleaning Pressure Washer Business

Concrete cleaning can be a lucrative business to start. Here... Read More

More Business Card Uses

Why would you use an event pass?Event passes are often... Read More

Find Some Sample Payroll Check Stubs on the Net for Easy Reference

Starting a business? For many people, the bravery to venture... Read More

Old Data in Database Marketing Software

Database Problems in MarketingI have been working on a direct... Read More

How to Wash Mobile Homes as a Business

Washing manufactured homes, mobile homes, can be a lucrative and... Read More

Money Series 1: Who Takes Your Money

Your business is making profits, but where is the cash?... Read More

A Day in the Life of a Self Employed Professional

It's Monday morning and Connie the Consultant sits in her... Read More

Firing Underperforming Employees in Your Small Business

Here are a few tips on how to hand out... Read More

How To Create A Business Note That Is More Attractive To A Note Investor

You are selling your small business (business value under $1... Read More

Are You Running Your Business or Is Your Business Running You?

Being a small or home-based business owner can be loads... Read More

passow remodeling finished basements plus ...