Interesting statement given that is why you issue the invoice in the first place.
Notwithstanding the fact your customer has already received value, agreed to the amount to be paid and accepted your terms.
However, time and time again we hear the same story from many business owners, that they struggle in getting invoices paid.
The Catch 22
Alright, this analogy isn’t exact, but the fear we generally find with businesses is something like –
‘I don’t want to annoy or lose the customer by constantly chasing them’
The easy answer is that if they are not paying then they are not a customer. However, we all know that is not quite as clear cut as that.
Many times your customer is your best source of referral and there can be benefit in keeping them as a customer, even if they pay later and later…
The issue of getting invoices paid is one which has impacted us as much as our clients, so there is a real mutual understanding here.
The psychological challenge as we see it is around the same person managing the customer, seeking new business from the same customer and wanting cash out of them. The three things don’t necessarily work together.
So how about if you could split this process?
How about the same person who looks after the customer does not chase for money. Small businesses don’t have the luxury of credit control or accounts departments (who does these days?). Nor do they have the ability to pay for debtor collection.
How about we provide a solution which sees someone else chase for payment in a nice but firm way (also, give your customer payment options). Ultimately if you are not being paid you have a decision to make, but in the interim there is a solution.
Want to know more? Then please get in touch.
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By Lime Consultancy