How to Have Clients that Pay

If I guaranteed your business financial growth just by making a few changes, would you be willing to try it? Of course you would!
You know that the way you run your business works, yet could be more efficient.  You know that while you have a steady flow of clients and are skillful in servicing them, you spend a great deal of time playing 'catch-up'. You also know that while your business is financially successful, there is a great amount of money that remains outstanding. But do you know how much money of yours actually sits on the streets? Some have reported as much as $20-30,000/month of money owed, but not being collected. How much more profitable would your business be if you were actually paid for all services rendered? What if I told you that creating a System would do just that?

Last week we looked at creating an entire system for your business, which is the best way to make sure all the facets of your business are running efficiently.  Yet the best place to start is where you know you need it most: billing. Trust me when I say that you are not alone in this area. Perhaps you are too embarrassed to admit it, or don't have the time to assess how much money is currently on the streets, but it is a common weakness for small business owners. After all, you went into business because of your knowledge and commitment to your area of expertise. If your area of strength was billing, surely you would have gone into business for that!

Instead, you became an attorney, a dentist, or perhaps health club owner, due to the passion you have for that business. Good for you for following your instincts, and becoming a success. Now imagine how successful you would be if all the clients you serviced actually paid you! The fact that you have clients who don't pay on time, only pay half of what they owe, or don't pay at all, says a lot about you, and much less about them. If your service is worth the value you say it is, then you should be running the business as such.  Having a defined System simply creates a protocol with a clear description of your obligation to the client, and the clients obligation to you. If you are unsure whether you have a system in place or not, answer these questions:

Do you find yourself feeling bad for the client who says they don't have the money?
Do you find it tedious to follow up with every client for fees owed?
Do you feel like there is always another client to bill?
To you find yourself focusing on the services rendered, to avoid having to collect the fees?
Do you continue to work for clients, even when they haven't paid?
Do you often feel like you are volunteering your time?

If you have answered yes to any or all of these, then having a system in place, will bring substantial amounts of money to your business. Still wondering if a system is what you need? Consider this: If I told you that all you had to do to receive several thousand dollars was get off the couch, walk to the front door and lift up the door mat...would you do it? Or would you say, 'Nah, I have enough money as it is, and this couch is pretty comfortable.'?

Your time is worth money. Create a system that guarantees that!

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