Successful Bill CollectingAs business owners, one of the most import parts of running a business is getting paid. After all if you aren’t paid it is hard to stay open.

10+ Tips for successful debt collection, bill collection, and other ways of getting paid

  1. It’s OK to ask for money. You earned it. You are simply asking to be paid for the agreed upon service or goods provided.
  2. Plan Ahead: If you offer payment plans, requiring a check and credit card info as part of the agreement can be helpful
  3. Timely Invoices: If you are prompt about invoicing they are more likely to be prompt about payments
  4. Have a System in place for reminders about late payments. Don’t let time get away from you.
  5. Call: Don’t be afraid to call. It may be as simple as something got lost in the mail or forgotten.
  6. Know the Cost of Floating the Bill: Cancelling accounts, reinstating policies, Setting up payment plans, and time negotiating, all can add to the cost of being paid. Do what you can to be proactive to avoid or minimize those costs.
  7. The Power of Stamps: A mailed invoice or payment reminder is a great way to reinforce that a payment is needed
  8. Debt Collection Companies can also be a tool.
  9. Don’t Let Debt Get Overwhelming. If a client’s bills are mounting have a conversation with them about pausing work till they have a chance to get caught up.
  10. Don’t let Bill Collection Get Personal. There may be things beyond their control for why the bill hasn’t been paid. Getting emotionally caught up in it won’t help you get paid. Sometimes a client will surprise you and pay you when the situation improves.
  11. You can fire a client if you know the bill collections process isn’t going to be worth it.

 

Each month Christian Business Connections does a brainstorming session to solve real business problems of their members. To see first hand how like minded Christian business owners work together to improve the prosperity of each others business please join us each Monday at 8am at Mimi’s Cafe in Brandon, FL