tag:blogger.com,1999:blog-6753195252376453550.post8899466767976642211..comments2023-03-23T02:44:26.397-07:00Comments on Career Talk With Pat Meehan: The First Rule for Small Business: "Collect Your Money"Pat Meehanhttp://www.blogger.com/profile/15953220794116993231noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-6753195252376453550.post-19373383368130135292010-03-02T06:06:02.142-08:002010-03-02T06:06:02.142-08:00Pat,
This was a lesson I learned the hard way whe...Pat,<br /><br />This was a lesson I learned the hard way when I started my business so I hope new business owners take your advice to heart.<br /><br />One method that has sped up collections for me is to give customers an early payment discount if they pay within a week. It doesn't have to be large. Almost every customer I have takes advantage of the discount -- even if it's less than $10. The only one who doesn't take this discount has a set payment schedule -- they pay at 30 days, no sooner and no later. But I know they will pay so I don't have to worry.<br /><br />Even though I receive slightly less money up front, it actually improves my bottom line because it takes less of my effort to collect the money (following up with reminders, etc.) and it can start working for me sooner.Terry Matzhttp://www.websitemakeovers.netnoreply@blogger.com