Have you ever met this guy before? He’s the one who turns everything in, but won’t return your calls when it’s time to come in, pick up his return and pay your bill.
He also moonlights as the guy who turns it all in during tax season, but fails to get you that missing info and his project sits on hold, unpaid, until October.
When people pay you on their terms, not yours, it gives control of your business and income to someone else!
Consider the lengths you go to complete a project believing there is a pay day at the end. Ever work late, weekends and holidays because you want to get paid on delivery?
Here are some easy things you can implement to get people to pay you on your own terms, not theirs.
Tip #1 – Monthly package agreements – you get paid for your services up front. Structuring your income this way allows you to finally earn income even when you’re out of the office. You can count on steady, year-round, recurring revenue and get paid for quick questions, emails and other services that currently go unbilled. Best of all, it really doesn’t matter if clients return your calls, or turn in their missing info because you’ve already been paid.
Tip #2 – Pay up front in full – Collecting at the start of the engagement puts you back in charge of your schedule! Another benefit of getting paid up front? Clients are much more responsive to your requests and timing. When you separate the price tag from your request, most people just get it done!
Tip #3 – Get a retainer – At a minimum, collect a retainer up front. Once a client has skin in the game, they tend to be more responsive in meeting your needs. Looking for appropriate retainer language for your contract? Click here for our free engagement letter.
Tip #4 – Collect a credit card – Give yourself the ability to get paid in real-time! Finish a project at midnight? Get paid. Want to take the weekend off and finish up your project on Monday? Get paid. Include a credit card authorization form with all your engagement letters to facilitate this mode of payment. The 1.74% fee will be the best cost of doing business yet!
You can take these suggestions up a notch by getting a retainer and a credit card authorization as you take on each new project.
These ideas will help you take control of your business finance and make tax season a lot smoother!