How To Get Paid On Time With Your Small Business 

Money is king. Without it, running a small business is a bit difficult. A recent US survey suggested that thousands of small businesses are dying, making it ever more important to take steps to avoid joining this stat. So if you have the clients, and you are looking for ways to make sure you get paid on time with your small business; here are four tips to help ensure your small business regularly gets paid on time. 

Clearly define payment terms upfront

Being proactive and organized is crucial to help ensure your small business gets paid promptly. Start by clearly defining payment terms and expectations upfront. When negotiating with a customer or client, ensure you’re both on the same page about when the payment is due and have a signed contract outlining the payment terms. This way, everyone is crystal clear about the agreement.

Proactive invoicing 

Being proactive with your invoicing to ensure on-time payments is essential. Get your invoices out as soon as the job is complete or when you promised to send them (as outlined in your payment terms). This step will make it easier for your customers to pay you promptly and help avoid potential cash flow issues. Consider automating your invoicing process and setting up reminders to your customers a few days before the payment is due. These proactive steps can make a big difference in ensuring your small business gets paid on time.

Use payment reminders 

Payment reminders can be a powerful tool for ensuring your small business gets paid on time. Following up with your customers is significant if you haven’t received payment by the due date. Send a polite reminder via email or give them a call to remind them that payment is due. You can also set up automated payment reminders so your customers get a reminder a few days before the payment is due.

Use the right payment methods

Providing your customers with the right payment methods ensures your business gets paid promptly. You may offer your customers safe and convenient payment methods such as credit cards, PayPal, Apple Pay, or bank transfers. For instance, you may accept credit cards for hemp products if you are a CBD company looking to increase your sales and guarantee faster payment. Using customers’ preferred payment method can inspire them to pay more quickly and promptly to avoid any potential cash flow challenges. 

As a small business owner, increasing your sales volume can be exciting. However, there may be times when you are uncertain about getting paid or managing credit. While turning down a sale isn’t always easy, you may follow the above tips to ensure you don’t spend so much time and energy to get paid and keep your cash flow going.