Home Advertise Contact Blog Advertiser Login RSS
Newsletter Signup

Your Free Business Opportunity Resource Is Easy To Use
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

Sales Success Inspiration - Hello my friends and welcome to another installment of The Special Sauce Series on Sales.

Sales Success Inspiration is the name of the game today.  We left off with the last post "

No Sales! The Leads Suck! After ten years in the industry I have heard this more than once. In fact, I hear this so often that a series of educational blog posts are needed to educate sellers on how to close more deals - period.

No sales! Now, first I preface this entire post with one thought...

She Means Business: Turn Your Ideas into Reality and Become a Wildly Successful Entrepreneur Is our Book-of-the-Month.

Carrie Green began her entrepreneurial life at the tender age of 20, starting a company that would go global in just a few years. She has turned her experience...

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
FundAbility
Need Funding? Need To Offer Financing To Close More Deals? We Have Access 7,000+ Credit Providers. Learn more now...
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
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...
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
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.
How Many Leads Does It Take To Close A Sale?
This Featured Article is live on our blog and I know could be very insightful for connectivity and ROI.
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
Business Franchise Opportunities Funding
The principle reason entrepreneurs put off starting their own business is lack of funding... Read On
Top 50 Home-Based Business Ideas
Home-Based Business ownership can be the most rewarding endeavor you will ever undertake. The new year... 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
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
Why Advertise Your Business Opportunity?
Over the years we have been fortunate enough to receive quite a few testimonials. In fact, ... 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

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...

12 Apr 16 Posted by: Todd Hatch
in Running Your Own Business

Money-Saving Tools that Entrepreneurs who are involved with business opportunities, franchises and work-at-home positions know how important it is to track money and manage money, which ultimately helps you save money.

The goal is to have more coming in than going out, but it can be difficult...
 
   

SocialXpand Business Opportunity Interview w/ Brian Weiss was for me a new way to learn from a customer and whom I consider a friend in the industry.

I've had the opportunity to work for a while now with Brian Weiss who is the Director of Sales for the
Video Spotlight
You're invited to view a Bartercard Online Franchise Presentation.

Premium Sponsor