Review your pricing strategy
If you’re not charging enough for your products or services, you’re leaving money on the table. Take a close look at your pricing strategy and make sure you’re not selling yourself short.
Get paid upfront
When you’re first starting out, it can be tough to get customers to pay you upfront. But it’s important to do what you can to make this happen.
One way to do this is to offer a discount for customers who pay upfront. For example, you could offer a 5% discount for customers who pay their invoices within 7 days.
Offer payment plans
If you’re selling big-ticket items, consider offering payment plans. This can help you close more sales and boost your cash flow.
Stay on top of invoices
Make sure you’re sending invoices out as soon as possible after a sale is made. And don’t be afraid to follow up with customers who are slow to pay.
Offer discounts for early payment
If you want to encourage customers to pay their invoices quickly, offer them a discount for doing so. For example, you could offer a 2% discount for invoices paid within 7 days.
Automate your billing
One way to make it easier to get paid quickly is to automate your billing. There are a number of software programs that can help with this.
Use a collections agency
If you’re having trouble getting customers to pay, you may want to consider using a collections agency. This can be an effective way to get the money you’re owed.
Get a business loan
If you need a quick infusion of cash, you may want to consider taking out a business loan. There are a number of options available, so shop around and find the best one for your needs.
Use invoice financing
If you have outstanding invoices, you may be able to use invoice financing to get the money you’re owed. This can be a quick and easy way to get the cash you need.
Use a credit card
If you have a good credit score, you may be able to use a credit card to get the cash you need. Just be sure to pay off the balance as quickly as possible to avoid high interest rates.
