If the thought of an uncomfortable meeting with your client makes your stomach hurt, you're probably already shuddering at the title of this post. Invoice disputes usually mean that the client owes you money and is simply unwilling to pay what you're asking. Is it possible to figure out a solution to this situation with an in-person meeting?
The weather has turned colder, holiday shoppers are looking for gift ideas and your Accounting team is cleaning up year-end finances. It's during this time of the year that they're taking a closer look at unpaid accounts receivable invoices and deciding what to do. Before taking a financial loss, there may still be an opportunity to collect on some outstanding accounts. Read on to determine what to do next.
Should your business write off bad debt at the end of the year?
No one goes into a relationship, business or otherwise, planning how to end it. Firing a client is an unfortunate necessity when things go terribly wrong. The first thing to determine is your last straw. This client may be:
- consistently asking for services beyond the scope of the contract.
- pushing back on everything they're paying you for.
- difficult to work with.
- not paying you for all of the work you've already done.
Now that you know you've had enough, do you know what to do next?
Here's what to say and do when you're firing a client.
While it's easy to be overwhelmed during the year with business to-do's, your clients are the reason you have a business to begin with! You don't have to wait until the holidays to show them that they are appreciated. Gratitude can be practiced all year long and will help build a strong foundation for any challenges that may arise. Gratitude reminds your clients that they are appreciated.
Here are some of the best ways to show gratitude and help client retention.
Your goal is to run a successful business and that means creating strong relationships with your clients. During the sales process, your business is going all out to impress and that positive impression may last for a few months. After a while, you and your clients may hit a period of leveling out and, even more serious, discontent. Just as with any relationship, it can be challenging to maintain happy, long term clients.
For agencies, freelancers, sales and more, here are best practices to creating a business client relationship that lasts.
When a client owes you money, any interaction can be strained or even awkward. You want to maintain a good quality business relationship but you also have to talk about money... and that can be an uncomfortable conversation. While there are no guarantees that your clients will always pay on time, there are some things that you can do to get them to pay faster.
10 ways to get your clients to pay their invoices faster.
One of my closest friends is "hanging out her shingle" as an independent after spending her entire career working for large corporations. We've always texted fairly regularly but our conversations lately are less about our kids and more about self-employment taxes and setting up accounting software. To leave the relative comfort and paycheck predictability of the employee life is no joke and has me revisiting my own brave step into the world of entrepreneurship.
Becoming an entrepreneur means facing real fears. Here are some ways to push past the fear and do it anyway.
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.
For anyone in business, it's important to learn to stay calm during a crisis. Here's how.
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.