Getting Customers to Pay Bills On-time
Business owners, entrepreneurs and the like are pretty well known at not being able to get customers to pay outstanding invoices. And that is no good- playing bill collector is not the most glamorous side of running a small business. The interesting part is business owners are getting better at the collection process.
Here are some suggestions:
- Create a tracking system so you know who is paying bills on-time and how is not owning up to their end of the bargain.
- Check for accuracy with your billing information.
- Is it worth outsourcing? This one is a tough call. Is it worth using an outside bookkeeper? The good news is that they don’t have a vested interest, the drawback is they will take a cut. You call it.
- Consider offering an incentive system for people who pay on-time. For example, a discount on their next order.
Hope this helps… until next time
About the Author: Dave McCubbin is a serial entrepreneur and teacher at heart. He has been a corporate trainer for the past decade and has extensive small business experience. In his free time he thinks of revolutionary ideas only to forget them the next minute.
