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How to get Clients to Pay On-Time

Let’s start off by admitting that as much as we love what we do, as small business owners, we do this to make money.

Let’s also admit that we have clients who have not really grasped this concept and who Just. Don’t. Pay. Us. On-time- or at all.

How do you deal with it? As always, prevention is better than cure. Here are my top three tips to getting paid on time.

 

  1. Get it in writing.

Relying on verbal agreements and handshakes is for amateurs, and you my friend, are a professional with bills to pay. State your fees and payment terms in writing so that you avoid misunderstandings about payment expectations. Your written contract should also include, at a minimum, a Scope of Work Clause which is a very clear, very specific description of exactly what you are going to provide to the client and a Cancellation Clause which will tell your client if and when they can cancel and what, if anything, they will still owe you after cancellation.

 

  1. Make it super convenient and easy to pay you

In your initial meetings, ask the client what works best for them in terms of timing of invoices, credit terms and payment type. Instead of just accepting cash and cheque, consider accepting credit and debit cards, online payments, direct deposits and email transfers. Paypal, Square, Quickbooks and Freshbooks are just a few companies which allow you to send invoices that clients can pay with just a few clicks.

You remain in control of the decision but by involving the client in the process and by being flexible in response to her needs, you make it more likely that the client will pay you on time.

 

  1. Create a structured, well-thought-out procedure for collections

Even with the most rock-solid contract and convenient invoicing systems, you’ll still occasionally have to deal with a client who doesn’t pay on time. When creating your collections system, think about:

  • How often you will remind your client to pay the invoice eg. every week, every month, every quarter and for how long will you send those reminders
  • Whether to add interest to the outstanding amount after a certain number of days have passed (pro tip- you should add interest because it acts as a deterrent to long delays in payment)
  • What escalation will you use if the client still doesn’t pay- eg. send the matter to a collections agency, retain a business lawyer or take the client to small claims court
  • How important is the client to you- using a collection agency or starting a court action often leads to a permanent breakdown in the relationship.

The first time you ask a client to sign a contract or you send out a collections letter may be nerve-wracking. But remember, while you might be new to this entrepreneurship thing, you definitely are not new to the service or product you are providing.

By insisting on a signed agreement and a collections policy that protects your ability to get paid, you signal to the world that you take your business seriously. When you take yourself seriously, guess what? Your clients take you seriously and serious people get paid.

 

Andrea Henry

Vox Law LLP

The Law Firm Built With Love for Small Business™

T: 416.639.6235

E: andrea@voxlaw.ca

W: http://www.voxlaw.ca

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This article is made available by Andrea Henry of Vox Law LLP for educational purposes only and not to provide specific legal advice. By reading this article you acknowledge that there is no solicitor-client relationship between you and Andrea Henry and/or Vox Law LLP. The article should not be used as a substitute for competent legal advice from a licensed lawyer.

The “K.I.S.S.” Principle – Only Nicer!

Sheralyn

Keep it short and simple.  Being in the business of communication, I often suggest my clients keep their message short.  Use tight, clear and effective language that promotes their business concisely. The way I tell it, the “K.I.S.S.” principle takes on a slightly revised, definitely more polite, meaning.  The guiding principle when describing your product or service must be “Keep it Short and Simple.”

I’m sometimes guilty of not adhering to my own rules and have certainly posted a blog or two that was just a bit too long. (OK, maybe even a 100 words too long…I love to talk!)  For my clients however, I know how imperative it is to keep the chit- chat down to a minimum.  So, whether you employ a third party or do the work yourself – this revised K.I.S.S. principle should be paramount. What this means however is that you MUST pay particular and close attention to the use of every single word chosen. Choose the BEST word for the job. You don’t need to use plenty of words to say plenty. You just need to be choosy. Remember also you should choose words that are dictionary friendly and not necessarily those you think are part of the “common” vernacular.  Your opinion of “common” may reflect regional or cultural choices that aren’t actually understood by many in your intended audience.

How do you do this? Employ the services of a thesaurus if you need assistance. Consider what your business is really all about and then think about how you could distill that essence down to just ten simple words. Yes, ten. It’s the best way to truly drill down to your core business service and then build your sentence or promotional message around those ten words. We’ve said it before, here it is again: say only what matters because it matters what you say. Keep it short, snappy and simple.

If you’re thinking “No way can I get my message across in only ten words,” try first eliminating superlatives. Often they are used excessively.  Next, ask yourself these questions: “What do I do, Who do I do it for and Why do I do it?” That should help you achieve some clarity and once you do, you can easily condense even further. Apply these principles to create your own K.I.S.S. message: Clear, concise and condensed, choosing only the best words for the job. Keep it short and simple.  It’s “K.I.S.S. – refined!

As Owner and Principal partner of “Writing Right For You” Sheralyn is a Communications Strategist – working together with entrepreneurs to maximize profit through effective use of the written word. Looking for web content that works, blog articles that engage or communications strategies that help you get noticed?  Contact Sheralyn today. Sheralyn is also the mother of two children now entering the “terrible and terrific teens” and spends her free time volunteering for several non-profit organizations.

Sheralyn Roman B.A., B.Ed.

Writing Right For You

Communications Strategies that help you GET TO THE POINT!

416-420-9415 Cell/Business

writingrightforyou@gmail.com

The Beauty in Business – 5 Reasons why looks matter

 Praveeni

Looks matter! We all know and have come to accept the fact that appearances, though sometimes deceiving do play a part in how successful we are in life in general. It may come as a surprise to some however that looks matter in business as well. Although this may be a tough pill to swallow for those who believe that clients choose you based on your knowledge, products and customer care, looks do play a large part in the business world. Here are five reasons why looks matter in the business world :

  1. The first impression is a lasting impression

You only get once chance to make a great first impression and it’s rather difficult to recover from a bad one. The initial part of a first impression is based solely on the way you look; when someone sees you for the first time they make a judgment about you before you even have the chance to speak. Thus it’s important to make sure your look represents the message you want to convey through your words.

  1. Potential clients are more likely to listen to people they find attractive

This may sound a little crazy and off-putting but research along with many hidden camera T.V. shows have proven that it is in fact true. If we find a person attractive we would like to spend more time speaking with them and listen to what they have to say. Although what each person finds attractive differs individually the overall package you present (i.e. yourself) should come across as well groomed, friendly and professional.

  1. A professional look helps establish trust

Trust is a key component of winning and retaining clients. In order to gain a client’s business you have to win their trust first. You can gain a client’s trust by looking the part – what would you like a client to think when they see you? Clients usually like to do business with people they cant relate to and those who offer a professional service. It’s important to portray an image of professionalism and approachability. Clients need to know that you have the skills required to provide them with top quality products and services, but they also need to know that they can come to you and speak with you directly if they have a concern.

  1. Looking healthy portrays energy and motivation

Clients ultimately want to do business with people who work hard for them and provide them with the best products/services. As we are now living in the health and fitness revolution maintaining a healthy lifestyle and being in shape is exceedingly important in business. If you look like you take time to look after yourself and make healthy choices clients will notice; looking healthy conveys the message that you are motivated and energized. You don’t have to be a body builder or a fitness model to portray this image but you do need to take time to evaluate your own health and fitness, an area that many entrepreneurs overlook. Make time for you and the results both physical and financial will show.

  1. Your look represents your brand

The way you look is a non-verbal advertisement for your brand. Whether you realize it or not you make a fashion statement everyday with the clothes you choose, the way you do your hair and make up and the manner in which you carry yourself. As an entrepreneur it’s important to make sure that statement accurately represents the brand you’re trying to establish.  People will judge your outfit, accessories, behavior etc. and try to draw parallels between them and the product/services you are trying to market. So before you step out each morning ask yourself – are you on brand? If not, it may be time to re-think that outfit or hairstyle.

Praveeni Perera is the CEO and co-founder of Professional Edge Consulting a corporate training company based in Ottawa offering training and coaching services to clients around the world.  She can be reached via Website, Twitter, Facebook or her Blog.

Benefits, Not Features

selfy photo

Benefits, not features: this is the mantra I repeated perhaps every week to my class when I was teaching New Media Communications at Centennial College.  During our unit on writing for web, during our unit on social media: “Benefits, not Features”. I would tell my students that every time they are tempted to write the word “I”, they should consider how they might change it to “You”.

It is a great way to make sure you are really thinking about your clients or your customers, and not just talking about yourself: what are the benefits they are seeking?  What’s in it for them?  It’s what we generally want all advertising to do: Stop talking about yourself!

I found out the hard way how difficult this actually is when I recently delivered a pitch to a potential client, and said all the wrong things.  We were the right people for the job.  I knew what they needed and was certain we could deliver better than anyone else, and the only thing I needed to do in the pitch was convince them.

So I talked about all of the fabulous features that we had to offer: our media background, the fact that all of our employees were journalists , that I had worked in a newsroom…I talked about how we were usability experts and how experienced we were at dealing with very complex tech.

I used the word “I” A LOT.

And then: we didn’t get the job.  And I thought back to the questions they asked me that I was uniquely unprepared to answer and I realised how I had completely missed the mark, because I hadn’t at all addressed their actual need.  They needed to hear how working with us would make their lives easier, how it would save them money and time.  They wanted to know how to better manage their staff and streamline internal processes.  They wanted to hear how they would find our technology solution easy to understand and how it would make them feel on top of their game.

I spent all my time talking about how perfect the project would be for us, about our features, and none of the time talking about the benefits that working with us would bring to them.

Benefits, not Features.  Listen to yourself: are you saying “I”?  Turn it into a “You” and see what happens!

Christine McGlade is a Business Analyst, Content Strategist, and Usability Consultant.  With over 25 years experience in the media business, Christine helps small business, social enterprise, and Not for Profits how to leverage the power of the Internet to grow their business.  Learn more about Christine at analyticalengine.ca

MY CLIENTS NEEDS MUST COME BEFORE MY OWN

Amina

Yesterday I was contacted by an investor, who found me on Linkedin and had been reading some of my blog posts. He and his brother were investing in a smaller market about two hours east of Toronto.  This would be their first purchase in this area and it was a multiple bidding situation.

As first time investors they made some errors, which are common, such as putting in the offer before being pre-approved for financing.  Especially in a multiple offer situation you want to make sure that your bid for the property has no conditions of financing.  The only condition you want is the inspection.   This way if the seller is presented with all of the offers, they will most likely accept the one with no condition of financing as that is a sure thing vs. somebody who still needs to be assessed for financing and does not really know whether they can afford the property.

This investor had put in the offer, ordered the inspection and was now contacting me for financing – however the clock was ticking.  I  immediately asked for an extenstion as I was not certain that I could fulfill financing in such a short time (3 days left).

He went back to the realtor and asked for the extension but it was denied simply because it was a multiple offer situation. The realtor suggested her broker, who lived and worked in that market and could get the appraisal the next day – which would ultimately save the client time and possibly losing the deal.

It was great that they were both organized and could get me the paperwork but I still had to find the lender, who would do the deal.  To further complicate things, the investors were incorporated, which would mean further validation of income.

He kindly called me and said he would stick with me if I could do the deal.  Now, if I was looking out for my own interests, I would have said,  “Yes of course I can do the deal”.  Instead, I was looking out for what is best for my client and suggested he use the other broker with the connections in the marketplace.  If I could not get the deal done, I would not only lose the trust of this client but more importantly I would not be putting my clients needs before my own!

It is hard to give away business but I believe strongly in Karma – what goes around comes around.  The client thanked me for looking out for his interests and said that he would be using me for the next deal.

I believe that if we all focus on putting our clients needs before our own in every situation, it will come to serve us all well.

To your Wealth!

Amina

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What’s your gratitude policy?

sandra

Customer loyalty is something that we all strive for. Whether you’re a small business owner or a CEO of a multi-billion dollar empire, we are nothing if we can’t retain our current base of customers or clients. So how do we do this? Is it about points programs, birthday or holiday freebies and membership discounts, or is there more to it?

We’ve all heard the complaints about some of the loyalty programs out there. The notion that there are self-serving and benefit the company more than the customer isn’t anything new. You know the ones I’m talking about – where you feel like you have to spend thousands of dollars to earn something worth a few hundred (if you’re lucky!).

So how do we show our gratitude to loyal customers in a way that makes them feel good about their continued patronage of your business? The best thing to do of course is ask them! Surveys are a great way to find out exactly what your customers want when it comes to loyalty programs. We could think we have put together the best program in the world, but if it doesn’t leave our clients feeling appreciated, then we’ve missed the mark!

While surveys are a great tool, you have to provide incentive for people to complete them. Again, just like the loyalty programs, the prize for completing the survey has to be something that your customers actually want! Look at what your most popular product or service is and see what kind of reward you can create that will allow you to get enough responses to your survey that you are confident it actually represents your client base.

Just like any relationship, the relationship we have with our customers and clients has to be cultivated on a regular basis. It doesn’t have to stop with loyalty programs.   We can actually start picking up the phone and reaching out to our customers. This isn’t a sales conversation; this is really an informal survey. It’s a conversation that asks how things are going for them in relation to the product or service you provide. Ask if there’s any way that you could improve their satisfaction with the business they do with you. Actually tell them that you are grateful for their continued business!

I’ve heard it said that any relationship without reciprocity will die and I believe that applies to all relationships, personal and professional. Customer loyalty cannot be taken for granted. The competition out there is fierce and there are limits to how low we can take our prices and how fast we can deliver our services. If we want to retain our loyal customer base, we have to ensure that they know that we value their business. They need to know that we’re not taking the fact that they spend their time and money with us for granted.

I’ve heard it said that gratitude is the greatest multiplier of good. When a customer not only gets quality products and services, but also feels appreciated and respected by the company they do business with, it can only benefit you and your business. When potential customers here how much you care about and respect the people you do business with, they’ll be lining up to work with you!

Sandra Dawes is a certified life coach specializing in helping women who feel unfulfilled with their 9-5 follow their dreams and pursue their passions. She holds an Honours BA, an MBA as well as a certificate in Dispute Resolution.She has completed her first book,Embrace Your Destiny: 12 Steps to Living the Life You Deserve! Connect: www.embraceyourdestiny.ca www.facebook.com/embraceyourdestiny www.facebook.com/embraceyourdestinythebook www.twitter.com/sandradawes

Before you make your resolutions and set your goals, DO THIS first!

Uchechi

So, 2014 is about to come to a close, and I’m sure many of you have been thinking about resolutions you want to set in the New Year. I’m one for planning and setting goals, but late last year, I discovered something that I thought was just genius and I wanted to share it with you today. It may be the ticket that actually guarantees that you strive for the right goals; ones that you will actually enjoy pursuing.

So, what is this new method I’m talking about? Well, it’s from one of my mentors, Danielle Laporte, author of The Desire Map. The Desire Map’s core concept is that, because we set a goal in order to feel a certain way, we need to start from there (the feeling place). She says, “You’re not chasing the goal itself; you’re actually chasing the feeling that you hope achieving that goal will give you.” She calls these feelings, your core desired feeling. When we take this approach, we then set our goals based on how we want to feel. If you take a look at past goals you’ve set for yourself and your business, if asked, “why did you want it”, it really boils down to a feeling. Let’s take a goal to get 10 new clients for your business. It really isn’t just about the 10 new clients, but more about how getting those new clients will make you feel: the desire to reach more people with your product or service, feel accomplished, productive, and of service. Those are the goals you’re really going after, not just the number of clients.

Let’s take another example of a resolution many people have which is to lose weight, say 20lbs. It really isn’t just about the number 20, but really about how losing 20lbs would make you feel: the desire to feel fit, strong, healthy, confident and sexy. So, before you set your resolutions and goals this year, it is critical to establish your core desire feelings first!

Next year, my biggest focus is on my core desire feelings. My specific tangible goals, which are important to have, is now based on my core desired feeling not the other way around. So many times, we subscribe to society’s definition of success and achievement. We then strive to reach it, even though reaching it does not evoke feeling of success for us! You need to understand what success feels like for you, and then align your goals to those feelings. If we take the example of losing 20lbs, and focused on the core desire feelings of being strong, fit, confident and sexy, you can set goals to strength train and work out 3-5x/week, because that’s what it will take to feel that way versus just having a goal to lose 20lbs. Even buying that cute little black dress that hugs all the right places will give you the same feeling! How great is that?!

Another great thing about this is that it allows you to evaluate opportunities that come up through the year. So many times we lose focus on our goals or have the “shiny object” syndrome. However, if you have something to compare the opportunities against, it makes it much easier to decide what is best for you. You are then able to make decisions that are aligned to your values and missions.

When you’re clear on your core desired feelings, you become an “intentional creator” of your life as Danielle puts it. As we all know, we start of the year with great intentions. However, along the way, we may hit some roadblocks. When we focus on our core desires, we are able to recognize when we’re not on it. We can’t control what happens, but we can control our reaction and experience of what happens. Focusing on your core desires allows you in those moments to take back your control and ask yourself; “what can I do to generate my core desire feelings”. This allows you to not be a victim to your circumstances.

Check out my two of my favourite gals in this video (Marie Forleo and Danielle Laporte) talking about the steps to match your goals to your core desired feelings here.

So when setting your goals this year, be clear on why you’re setting your goals and look to match them to your soul’s desires.

Uchechi Ezurike-Bosse is a Business & Lifestyle Strategist, Speaker and Writer, but most importantly, a proud Mother and Wife. Uchechi is Founder of My Empowered Living (http://www.myempoweredliving.com) a website aimed at helping women shift their mindset and live their passion! Whether it’s starting and building their dream business, or helping them create a lifestyle they crave, Uchechi is the modern woman’s secret to success! Visit Uchechi at www.myempoweredliving.com to get her FREE online video training series The 4 Keys to your Business Success! This free 4-day business training reveals her 4 key strategies needed to build a profitable and successful business, and how to put them to work in your business!

Four People Entrepreneurs Should Thank At Christmas

Praveeni

Christmas is the time to be thankful for the year that passed and look forward to the year ahead. As an entrepreneur you have many people that help and assist you in both your professional and personal life. It’s important to show your appreciation to those that support you. Here are 4 people entrepreneurs should thank at Christmas :

  1. Clients 

You wouldn’t be in business without your clients so show them you appreciate their business. A card wishing them well for the holiday season and thanking them for their business is a nice gesture. Sending a handwritten card as opposed to a generic printed card is better as it adds a more personal touch. If you wish you can send your clients a corporate gift such as a calendar, paperweight or even chocolates with your company logo on them. Make sure your gift is addressed to your client and try to avoid non-addressed generic messages.

 

  1. Your team

Most entrepreneurs don’t go it alone, there’s always a few people you rely on to make your business work. Whether it’s your web designer or your intern you still have people to thank for helping you run your business. Thanking your team by sending a card or gift will show them you appreciate the work that they do and help strengthen your business relationship. If you work very closely with your team on a daily basis you can opt for a more personal gift such as a favourite bottle of wine or some home baked cookies, the important thing is to let them know they are valued.

 

  1. Suppliers

Suppliers provide you with products or services that help you run your business. Christmas is a good time to thank them for their services. Although you are a customer to them, finding suppliers that provide top quality products and services isn’t always easy so you should show your appreciation of their work. This will encourage them to continue to provide you with good quality products and services. Suppliers will also remember you and be more willing to go the extra mile for you if you’ve shown your appreciation. As an entrepreneur you should always strive to maintain a good relationship with your suppliers.

 

  1. Supporters

Every entrepreneur has supporters that provide encouragement and motivate you to keep going. Supporters are people who are not directly affiliated with your business but are a part of your network. They can be friends, mentors, former teachers or even family members. As an entrepreneur you should show appreciation for the people that keep you going throughout the year. Opt for a more personal gift for your supporters and make it clear that your are thankful for their encouragement of your entrepreneurial endeavours.

 

Praveeni Perera is the CEO and co-founder of Professional Edge Consulting a corporate training company based in Ottawa offering training and coaching services to clients around the world.  She can be reached via Website, Twitter, Facebook or her Blog.

Dating is Like Networking

Martina New

It’s a numbers game.

Every business owner knows the formula for success is that you have to talk to X number of people, to narrow them down to Y number of warm or hot prospects, to succeed in turning Z number of those into clients. As I continue seeking my romantic mate, it occurred to me that dating works in a similar way.

While everyone and their dog is nowadays eternally busy “being busy”, today’s search for romance takes place mostly via online dating sites, with some face-to-face speed dating thrown in for good measure. The end goal remains the same as through “traditional/old-fashioned” ways: finding that one-in-a-million partner who is best suited to you, and vice versa.

In our high-tech 21st century this means going online, resulting in instant, searchable, and fairly anonymous access to not hundreds but thousands of singles looking for love. This is where it’s akin to business networking.

Following above networking formula, you have to first talk to X number of people. That means selecting advance search criteria to narrow down your ‘target market’, e.g. gender, age, marital status, physical stature, interests etc. Then you scroll and skip through several hundred potential suitors, mostly not talking to anyone at this stage but just reading how they ‘talk’ about themselves. This is your Number X.

Second, you need to whittle down those potentials to find your warm or hot prospects; figuratively speaking or literally hot (Number Y). You message several or many. Some will reply, and many will not. In return, you will receive random inquiries from daters far outside your age range, location, or far off any attributes you would consider, even remotely. (Business speak: Know your target market! That works both ways.)

Attending speed-dates can help accelerate pre-selection by providing instant access to 10 or 15 prospects. This is like attending weekly or monthly networking meetings, where you work the room to talk to many business owners, seeking out those interested in what you have to offer.

Through perseverance with either or both of above two processes you then find a few potentials, with whom you communicate back and forth. This is your Number Y.

Third, you talk over the phone and/or meet the best prospects in person and attempt to discern the potential for a positive and fulfilling relationship, this time personal, not client based. If unsuccessful, you repeat the process for Number Y until you reach your ‘goal’ of finding your ideal Number Z.

Re-reading my own formulae and processes above, online dating should in fact be much easier than networking! In business, there are no “advanced search” selection criteria that will automatically pop up to help narrow down your ideal target market(s). No self-description as to what your prospect is looking for. There is just Cupid and his rose-coloured glasses on occasion obscuring your vision and judgement.

I shall ponder that thought. But now I must dash – someone just sent me a “wink”!

Author’s Cheerful Disclaimer: The opinion, experience, and formulae expressed by the author may or may not be true, realistic, and may, or may not, be based on personal experience, and would therefore not hold up in a Court of Law or anywhere else. Suggestions of potentially suitable single males may be submitted to the author via private and confidential e-mail after your thorough and thoughtful pre-screening, at your own expense, and applying your best guess.

Martina Rowley is the founder and operator of Beach Business Hub – THE co-working space east of the Don Valley. She combined her passion and experience in the environmental sector with her community engagement side to create a local work environment where space and resources are shared. She fosters and facilitates collaboration, networking, and learning for and with small business owners and new start-ups.  Contact her at:http://www.beachbusinesshub.ca, on Facebook and on Twitter

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