3 Surefire Ways To Get Your Clients To Pay On Time!

Protecting your business interests is a must. Always remember that you are not running a not-for-profit organization. That means getting paid late by your clients is a “No, no”! How can you avoid payment problems with your clients? Look at the three tips listed below.

1. Sign A Contract

A contract is an agreement that safeguards you and your clients. This is the first line of defense to protect yourself from client who may be trying to avoid paying you. Your terms as a service provider must be made clear in writing. Clients should know exactly what services they are paying for and how much they will owe you. Additionally, your contract should include when payment is due and what constitutes a late payment. Likely, you have heard the term, “the pen is mightier than the sword”. When you have terms and agreements in writing, life if much easier than fighting to get someone to pay you for services that you have already rendered.

2. Get 100% Pay Up Front

When you work with a new client, do not feel bad about receiving your fee in full before you start to work on his project. When payment is made up front, there will be no money matters to squabble about during the working relationship. In fact, you as a service provider will be able to work with a clear mind and laser focus because you now have to deliver on the promise that you have been paid for. Your work is positively affected when you do not have to worry about when or if your client is going to pay on time.

3. Monthly Retainer

A great way to manage your cash flow is to work with clients on a retainer basis. For instance, you may have a 3-month retainer as your policy. That means, when your prospective clients agree to work with you, they know that they are locked in for a minimum of three months. When the agreement is signed, you both understand that the relationship is established for three months. This will surely minimize late payments, especially if you get paid before you start working. How would your cash flow change if you have three to five 3-month retainer clients?

As a Virtual Assistant, you are providing valuable services to your clients. It is part of your duty to ensure that your clients pay you on time so as not to disrupt the working relationship that you have created. Implement these three business-building habits into your practice and notice the dramatic improvement in your income and client relationships.