They say that money makes the world go round, and in your little corner of the world getting paid is what puts food on the table and gets you up in the morning. Frustratingly, getting paid on time is a constant stumbling block for freelancers and the self-employed. Even your most loyal and trusted clients can be a little slow to respond to your invoices, and while it’s easy to be sympathetic it doesn’t help your business move forward.
There are dozens of reasons why invoices don’t get paid on time including
- Invoices are never received
- Payment terms are unclear
- The business is having cash flow problems
- Customer doesn’t want to pay because they’re dissatisfied
Understanding why your clients might not pay their invoices on time is helpful, however, putting strong processes in place before sending out your payment requests can ensure these problems are less likely to arise. Let’s explore some simple ways you can get paid faster as a small business.
Make Them Professional
It sounds trivial and it shouldn’t matter, but in reality, first impressions count! Using an invoicing template for self employed is a simple, yet highly effective way to ensure your templates are consistently professional-looking, high-quality and accurate. When an invoice is dull, poorly worded or quickly scrawled on a piece of paper, it’s more likely to be placed at the bottom of the pile and forgotten about. Using a template to create customised and fully personalised invoices means you can maintain a high level of accuracy, brand consistency and create a strong, professional image for your company.
When your invoice is professionally designed, it makes payments easier, as your clients will be able to find the most vital piece of information, such as who to pay and when – easily.
Make Your Payment Terms Clear
When you meet with a potential client, go through payment options, complete the work and then send on the invoice, these are crucial moments within your business relationship to highlight your payment terms and make them as clear as possible. Avoid jargon where possible, and ensure all these details are clear on your final invoice.
Send Your Invoices on Time – Every Time
If you want your clients to be consistent with their payments, then you also need to be consistent with your invoices. Ensure they’re sent out promptly and at the same time each month, so clients know when to receive them.
Accept Multiple Payment Methods
The more payment options you provide, the easier it will be for your clients to pay you. Whether it’s a quick bank transfer or a credit card option, making the options clear and extensive means speeding up payments.
Consider Offering Incentives for Prompt Payers
Depending on your current business situation, if you’re in the position to offer an incentive for those who pay their invoices promptly could kick your clients into action.
Final thoughts…
Getting your clients to pay on time and promptly can sound like a struggle, so consider these tips above to streamline the process.
