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Whitehill Business Services Ltd >> news >> latest news >> Four things that could help your small business get paid quicker

Four things that could help your small business get paid quicker

Posted by admin on October 5, 2015

advertise_picture.jpgSetting up a contract with Clients

Before working with Clients, make sure you set a contract. This will be important for payments coming in on time, because having a small business means every penny matters.

It is important to tell the client your exact needs from them, as the contract will need to be to the point. If the contract is complicated then it will make things a lot more challenging on your part, so it’s easiest to keep it simple and straight to the point.

Asking for a deposit upfront!

Taking on new clients can be challenging, however asking for a deposit from them upfront, will give you an insight to how much they are committed to getting their company started or on track.

Sending your Invoices out quickly

If you want the money being paid as quickly as possible then you need to send invoices out as soon as possible, so that this is working both ways.

Send your invoice straight away as soon as your project is completed so it’ll be fresh in the mind of your client. They’ll know exactly what the invoice is for and, hopefully, be more inclined to pay you. Wait too long and there’s a chance they’ll not immediately remember what work you completed, and will prioritise other invoices that they see as more important.  

What if Clients leave the payments too late?

If they leave it too late you could put out a penalty for late payments, as they have signed to a contract saying they will be paying on time.

If the Client has a valid reason for the payment being late, then you can just come to an agreement with the client on which date they will pay the money.