How to Stay Calm During a Business Crisis

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.

Tips for Negotiating Money with Clients

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.

Client changed their mind mid-project. Can we still get paid?

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?

Should My Agency Ask for Payments Upfront?

Reader asks:

"I started my business as a freelancer and have now grown into a full creative agency. My largest clients frequently pay their bills at Net 90 days, even though I ask for Net 30 or 45. Should my agency ask for payments upfront?"

Our answer: It depends. 

Read more to learn why.

Five Signs to Tell If Your Business is Headed for Financial Straits

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 Your Business Recession Ready?

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?

B2B Subscription Based Billing: How to Boost Cash Collections

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.

Customer Retention: 7 Ways to Better Manage Client Relationships

If your business keeps its customers happy, your profits could increase. In fact, research shows that a 5% increase in customer retention could lead to a 25 - 95% increase in company revenue. It's more costly to acquire a new customer than to keep an existing one. Think about what your business' customer retention rate measures:

  • Your success at attracting and acquiring clients
  • Your success at keeping those clients
  • Your success at building loyal fans who will likely recommend you to others

For your consideration, here are client management strategies to increase your customer retention rate.

Address Your Cash Flow with Answers to These Questions

If your business struggles regularly with cash flow, there could be a number of reasons why. It may be internal processes that aren't being followed or aren't working.  It may be external reasons such as the market or something else altogether. In order to make any changes, you first have to determine the root cause.  Instead of scratching your head and getting more stressed...

Answer these questions to address the cash flow challenges of your business.

Three Proven Ways to Deal with Delinquent Customer Accounts

Nothing is more frustrating to a business owner than delinquent customer accounts. Delinquent accounts and unpaid invoices means lack of cash, strained client relationships, added stress and more. Unfortunately, according to a recent survey, more than 80% of small business invoices are 30 days past due.  

To avoid becoming part of the rising statistics, follow these 3 simple steps.