When you work or partner with other businesses as your customers, it can be especially frustrating when they don't pay their invoices. B2B sales are much more complicated and require building relationships and trust over time. With this in mind, it may be tempting to take late or non-payment personally. Don't fall for it.
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.
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.
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?
It's the season of trickery and nothing can be more frightening than low cash flow. Have you been feeling "tricked" by delinquent clients? While initial meetings and calls may have gone smoothly, the client hasn't followed up on their end of the bargain? As frustrating as that can be, it's time to buck up with a few tricks of your own.
Let’s face it: No one likes to call and ask people for money - ESPECIALLY if that person happens to be a client. If sending friendly payment reminders and past-due notices doesn’t work, it probably means it’s time to pick up the phone.
Did your nerves just kick in?
Whether you only have an idea or you're ready to take your business to the next level, finding financing or funding can be a stressful endeavor. Starting a business often starts with self-funding or bootstrapping, including borrowing money from family or friends, selling your home or maxing out your credit cards. The risk of strained relationships and finances may add to the burden but a passionate business owner will push through it.
