In order to achieve any measure of success, one must be able to survive failure. This adage applies to inventors, scientists, athletes, entrepreneurs and anyone who chooses to venture outside of their comfort zone. Failure is simply a sign that you have tried to better yourself or to create something that hasn't been done before. To survive failure or the chance of failure, it must be put in perspective.
In business relationships, money is part of the equation. The thing to remember is that both parties are looking for value and trust. Your client may ask for discounts. You may want to be paid up front. Your client may need to settle old debts with you. These conversations don't have to be uncomfortable if you know where to start.
Here some tips for negotiating money with your clients.
On this blog, we stress the importance of signed agreements, payment terms and getting everything in writing. This can seem like yet another step in the B2B relationship process but if you want to get paid, it's completely necessary to have proof that both parties knew what was expected of them.
As a great example, a poster on Reddit asks, "Am I the a$$hole for invoicing a client when they changed their mind?"
In this particular case, the client requested work on a website and then changed their mind during project. When the website developers invoiced the client for what had been done, she refused to pay because she didn't have a completed project... yet she had asked them to stop work because she found a cheaper alternative.
Can this website development agency still get paid when the client changes their mind?
When you're running a business, especially a business that works with other businesses, you know the hard fought battle that it takes to build a long-standing relationship. You have to earn the trust of your client so they know that your products or services are available to help their business be better. That relationship can turn sour if you've committed to your agreement and they're not paying you for it. Instead of taking it personally, it may be time to litigate.
Top 10 Tips to Know When To Take Your Client to Court.
As a business leader, it can be challenging to keep up with everything that's going on. Your focus may be sales or attracting venture capitalists. You may be the creator of your product or service and spend more of your time manufacturing what you're selling. Whether it's an upcoming recession or lax accounts receivable management, you'll want to know if your business is in trouble.
Here are 5 signs to tell if your business is headed for financial straits.
Is the United States headed for a 2019 recession? According to economists, the risk is high though there was strong financial growth in the first half of the year. Even the whisper of a recession can trigger business owners with even the strongest constitution.
Do you know if your business is recession-proofed or prepared? Do you feel secure that you can continue operating in an economic downturn? Here are some steps you can take now to feel better about the future of your business.
Is your business recession ready?
So you've decided to take the plunge into entrepreneurship - 🙌Congratulations📣! Perhaps you're breaking away from an established business with a new idea or you're trying the freelance life. If you're feeling a bit unsteady, it's perfectly normal. Now's the time of frenzied activity and some of that involves rearranging your life. The good news is that you can build a solid foundation right now so that you're off to a great start.
Here are 5 best practices to have a successful first year in business.
Subscription based billing is when services are billed on a recurrent basis. Examples of subscription services include website hosting, software, consistent access to published content, apps, music or other digital information. From a B2B standpoint, your business likely sells a service or software to another business and bills them monthly for access. This billing model brings in recurring revenue that your business can depend on.
Here's how to ensure that your subscribers keep paying their monthly bills.
Collecting on your accounts is part of normal, healthy accounts receivable management. When invoices or accounts aren't paid on time, however, your business should have a documented process for collections. Your payment terms and collections policy will be clearly stated on your contract agreements and on your invoices.
Within this post are best practices for contacting your accounts, when, how often and by what means. Read more to build out a collections checklist and workflow for debt collections.