Are you angry that your customer has not paid your invoice?
Here are 5 changes that you can make to your business today.
1. Be clear on your business processes.
Do you have a clear business process in place when it comes to getting paid?
Your business process should include for example, an exact definition of the service or product that you will provide, when payment is due, acceptable payment methods and what will happen if payment is late.
2. Invoice in advance, if possible, and promptly.
Can you invoice in advance? Can you request payment in advance? Can you automate being paid using services such as Gocardless?
Try not to delay in sending your invoice.
This is cliché, but the sooner you send your invoice, the sooner you’ll get paid.
3. Automate follow-up reminders.
Sending a polite follow-up reminder when the payment date is nearing can sometimes be the key to getting paid on time. The key is to automate this process if possible.
Speak to your lawyer or your accountant. Can they assist you with reminders? Or do you have an account software that can send out reminders for you?
4. Make paying you easy.
Give your customers multiple and easy ways to pay.
Can you accept digital payments? Is it possible for your customers to pay you using their mobile phone?
Making it simple for your customers to pay will make it easier for them to pay you.
5. Work with a lawyer.
Swiftly engage a lawyer to send a letter of demand as soon as your invoice is overdue.
Sometimes, getting a letter from a solicitor is enough impetus for a customer to act swiftly to avoid getting a CCJ. A CCJ can impact a company’s ability to trade.
We regularly help business owners get late invoices paid, and the best news is, to limit your risk, you can engage us to assist you, paying low fixed fees as you go, or you can hand the entire debt to us for recovery, and if the debt is undisputed we may agree only to be paid if you are.
Does that sound good to you?
If so, contact us, and we can arrange a time to speak that works best for you.
