We all know the joy of nailing a client’s dream event. But let’s be honest, the thrill can wear thin when those invoices take forever to turn into cash in your pocket. Keeping our cash flow healthy is crucial. So, how can we ditch the waiting game and get paid faster?
Here are some easy-to-implement strategies to hear that “cha-ching” more frequently:
BE UPFRONT ABOUT PAYMENT TERMS
Don’t be afraid to address the financial side of things head-on. Include a well-defined payment schedule in your contracts. This establishes expectations from the get-go and ensures a smooth financial journey for both you and your client. Be sure to include:
- Deposit requirement: Request a deposit (20-50% is typical) to secure your services and demonstrate the client’s commitment. This initial payment shows they’re serious about moving forward and helps you cover initial expenses.
- Milestone payments: Break down the remaining balance into installments tied to specific project stages. This gives you peace of mind knowing you’re getting paid as you progress.
- Final payment due date: Clearly state the deadline for the final payment, ideally before or shortly after the event. This avoids any last-minute scrambling and ensures you’re compensated for your hard work before everything wraps up.
OFFER MULTIPLE PAYMENT OPTIONS
Make it easy for clients to settle their bill. Give them the flexibility to pay online by credit card or bank transfer. Online payment platforms like Rock Paper Coin will streamline the invoicing process and allow clients to pay electronically right away, saving you time and the hassle of chasing down checks.
FOLLOW UP POLITELY BUT FIRMLY
Sometimes invoices get lost in the shuffle. Don’t be afraid to send friendly reminders for overdue payments. A simple email or phone call can nudge forgetful clients without being pushy. The key is to keep the tone professional and courteous. Pro tip: Rock Paper Coin’s automated reminders are built-in, so you don’t have to lift a finger!
OPEN COMMUNICATION IS THE KEY
Throughout the planning process, maintain clear and consistent communication with your client. If you foresee any delays on your end that might impact your ability to deliver, let your client know as soon as possible. Transparency builds trust and avoids any unnecessary headaches down the line.
By implementing these simple strategies, you can ensure a smoother cash flow and avoid late-payment headaches. Remember, your time and expertise are valuable, so don’t hesitate to put clear payment terms in place from the get-go.
Rock Paper Coin can help you take the hassle out of finances and free you up to focus on what matters most: creating magic for your clients. You can try Rock Paper Coin’s invoicing and contract features free for 30 days. Streamline your workflow, create professional invoices with a click, and get paid electronically in no time.
