Following up with a client who hasn't paid can be a challenge for most people. If you're a freelancer or small business, it can be especially difficult because it's not your regular job. When invoices go unpaid, however, your business or your livelihood could be at stake. Are you following up with your clients on delinquent payments?
Is it time to hire a third party collections agency for your unpaid B2B invoices?
The business world is always changing and we're here for it. 2018 saw more freelancers and small businesses, consumers and employees speaking out and a more discerning audience for marketing and partnerships. January is the perfect time to determine how your business is going to change and be better in the new year.
To help small and growing businesses prepare for what's to come, we have done some research on a few business to business trends to expect in 2019.
The aim of the Enterprise Recovery Zenith blog is to inform, educate and support all who read here. Your clicks and comments determine what's important and how we can help. Within the top 10, we may also recognize trends and what's missing that we should cover in future posts. Read on to see if there's something you missed this year.
Unless your business has a full-time bookkeeper or accounting department, your accounting records could be in a state of disarray. There could be inconsistencies and costly mistakes that could affect your business sooner than later. Even with an accounting department, the end of the year is a practical time of year to tie up loose ends and reconcile your records. Making good business decisions, paying taxes and preparing for the future requires proper, accurate and up to date information.
The term "inbound marketing" became a buzzword for marketing agencies with the popularity of the internet. Websites, search engines, and social media began attracting interest for businesses looking to promote themselves. Traditional marketing of phone calls, direct mail pieces, TV and radio still mattered but marketing agencies noticed that online properties could work at a lower cost. Inbound marketing attracts potential customers without the need to reach out to them.
Freelancing can seem glamorous when you consider being your own boss and working from anywhere. You set your own hours, choose the type of work that you love to do and you don't have to answer to any boss. Freelance work also means that you have to handle all of the other work it takes to gain and retain clients plus continue to pay your bills. It can be especially frustrating when you have to track down client payments.
It can be challenging to strike a balance with a client who hasn't paid on time. You may be tempted to take it personally, question your own worth or be tempted to blow it off. If you and your client have an agreement that you will complete work and they will pay, you are absolutely right to remind them to pay. Your chances at a successful recovery depend on how you handle the situation.
It's okay to remind your clients that they owe you money. Here are some tips and sample payment reminder notices to help.
While it would be nice to get a heads up when a client decides to pull their business, they may just disappear. Depending on your business and the size of the client, losing one client could be devastating. You may also take it personally if the client has been with you for a long time or if they're one of a few. The most important part of client retention is communication. Maybe these clues don't mean what you think they mean.
Signing a contract with a new client, you may feel a combination of nerves and excitement. Obviously, it's fantastic to have a new client but just how well do you know them? Do they have a history of not paying their invoices on time? Are they well established and have a positive credit line?
After sales and the delivery of goods or services, the accounts receivable department ensures that your company is paid. Getting paid on time and regularly affects positive cash flow so that vendors and employees are paid and the business continues growing. An accounts receivable specialist has certain defined responsibilities within the department.
