Home Advertise Contact Blog Advertiser Login RSS
Newsletter Signup

Business Opportunities to Own
Home-Based Businesses
Choosing a Business Opportunity Growth and Profit Marketing and Sales
Plans and Goals Running Your Own Business Start-Up
Working From Home Entrepreneur Exchange Feature Articles
Opportunity Community Opportunity Focus In The News

Everyone will be hearing a lot from the newest addition to our staff: Digital Marketing Manager Hired Margaret Mallonée! This hire was a strategic move to enhance our staff for the new digital media platform we will be introducing in the weeks and months to come. Chicago,...

Slammed last year by what will surely be one of the most expensive and devastating natural disasters to ever hit the Northeast, millions of individuals, many of whom are work-at-home or other small business owners, are only now years later truly beginning to recover from the damage that Hurricane...

Marketing pumps leads and buyers into your business. There are multiple types of marketing methods, from paid advertising to social media. One of the most efficient is called drip marketing.

Here is a quick guide to drip marketing, an effective way to nurture leads using the power of automation. What...

Sponsors

STARSCAPES®
Imagine making up to $500 to $1,800 a day! Call or click now see how you can get your business for FREE! (602) 679-0257
Promotional Products Home Business
Run Your Own Business. Be Your Own Boss. Earn Great Profit Potential. Start At A Low Cost. Try It For Free! Learn More.
Hurricane Recovery Resources for Business Opportunity Owners
in the wake of a crisis of this magnitude can be especially maddening, DisasterAssistance.gov is good place to start...
How Many Leads Does It Take To Close A Sale?
This article is now live on our blog and I know could be very insightful for many. Read On
Residual Income Business Opportunities
Residual Income is the way that you work once and get paid multiple times—sounds great!... Read On
Productivity Hacks — Our Top 50
Productivity Hacks will help you make more from less this 2016. Here at BusinessOpportunity.com we want to... Read On
Top 7 Reasons to Consider a CMS
The internet loves obscure abbreviations. You can skip over most of them, but not CMS. What is CMS? read on...
The Ideal Length of Everything Online, Including Social Media Posts
When one of your busiest marketing channels limits you to 140 characters, you know that the internet sets its own rules.
It Takes a Hot Voicemail to Land a Warm Lead
If you're a successful entrepreneur who provides others like you the chance to follow in your footsteps... Read On
Low Cost Business Opportunities to Own
Are your right for a Low Cost Business Opportunities to Own? The desire to own your own business... Read On
Sales Hack To Increase Your ROI and Productivity
Sales Hack to make you more money! Sales Hacks are not new, but how you use them is. We receive lots of emails.. Read On
The Top 10 Reasons to Buy a Business Opportunity or Franchise
Starting your own small business is part of the American Dream, right up there with owning your own home. Read On
7 Keys to Leading Highly Effective Sales Conversations
Most people's sales conversations could be better. Not a little better, significantly better. Read On
 
Resource Center > Article
Home-based and Other Small Business Tips on How to Get Paid
Share this Article:

Whether you are a work-at-home one-person shop or even the owner of a small business opportunity or franchise with only a few employees, it’s very likely that the task of collecting on past-due invoices will ultimately fall on one person…you. And while there are many perks to being your own boss, having to play the role of collections agent is not one of them.

Let’s face it, asking people for money―even though you’ve earned it―isn’t always easy, especially when it’s a customer or client that you know means well but who may be struggling financially. Unpleasant as it may be, the hard truth is that the longer you give someone who owes you money a free pass, the less likely it is that you’ll ever get what you’re due. In fact, studies show that if you let things go for three months your chances of collecting are just over 70%. At six months, you’re down to little more than 50%, and if you get to the one-year mark there’s only a 25% chance you’ll ever be paid.

Okay, so there’s your incentive to proactively communicate with your customers and clients about your policies and procedures for how and when you expect to be compensated right out of the gate. It’s also good reason to manage your accounts receivables early on and regularly.

But what do you do when an overdue invoice has languished too long, say for more than 30 days? According to the experts, the key is to take action sooner rather than later. Start slow and steady, and follow these basic steps:

• Reach out to your customer/client to confirm that your original invoice was in fact received and restate the original terms set forth by you and agreed upon with regard to payment. Tell your customer/client that a prompt response to your request is much appreciated.

• Start with email. If that goes unheeded, it may be time to pick up the phone. Be assertive, yet polite.

• If talking in person yields little in the way of results with your direct customer/client contact, you may want to consider moving up the chain of command, if there is one. However, you need to be respectful the whole way. Remember, while you do want to be paid, you don’t want to risk your first-line customer relationship over what may only be a temporary problem…if you can help it. If you are appealing to another sole proprietor directly, it is okay to keep up the reminder phone calls for a short while so long as they are not too overwhelming and are placed with reasonable distance between them.

• Try to obtain verbal or written confirmation that your messages have been received and that payment has been sent, as well as when it should arrive. If you don’t see payment within a reasonable timeframe of when it was promised, you need to step up the pressure.

• This would be a good time to offer new payment terms if you can swing it. Perhaps your customer/client can afford to pay a set amount each month over the next six. If this new approach still doesn’t work, then threats (gentle at first) may become necessary. Mentioning your lawyer or a collections agency is what will oftentimes do the trick when being nice just hasn’t worked.

• Finally, be prepared to take action and call in reinforcements should reasonable exchanges lead nowhere after four to six months. Wait any longer and the chances are good you may never see a penny of what you are owed.

Related Blog Posts

Best Ways to Store Data - Do you backup data on your computer each day? If so, congratulate yourself! You’re one of the tiny minority that can sleep easy.

Best Ways To Store Data - According to a 2016 survey, fewer than 1 in 3 computer users back up files on a schedule, whether daily, weekly...

Create Engaging Presentations with making very little effort used to be pretty much, well harder than it is now.

The good people at Slidebot know that to create engaging presentations that are powerful takes up...

Business Opportunity Apps to make your life easier was the best title I could think of today my friends.  This is especially true if you work with images or you are a graphic designer.

Business Opportunity Apps and Sites have been on my mind as late.  Recently, I've been focused on image optimization...

The Business Franchise Opportunity Sales Tips 7 Part Series was an idea launched by Keith Shaffer Director of Personal at TheLocalProject.net two weeks ago after a coaching session.  The credit goes to him for this...

Getting More Out Of Life: Buying Getting More: How You Can Negotiate to Succeed in Work and Life was an easy choice. When you read that Google used it to train 30,000 employees, you gotta figure it’s got something going for it. I’m always on the lookout for helpful books and negotiation...

 
   

I had the pleasure of setting down with Edwin Shoffner, CEO with Mattress by Appointment for BusinessOpportunity.com's very first Podcast that will be released on our new Digital Platform very soon.  Here is the transcript from that call for...
Read More

Video Spotlight

Virtual Financial A Home Business in Financial Services You are going to want to see this Video!

Virtual Financial Group


Premium Sponsor