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Day 22 - of - 90
Manage episode 311909224 series 3200530
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It is critically important that you put a good credit system in place so that you know on a daily or weekly basis exactly who owes you money and when they are going to pay you. With today's technology, it is possible to automatically remind your clients to pay their bill by sending them a text message or email. With new clients, I would suggest insisting on a deposit a single piece of work happens, with the balance paid within an agreed time on completion. When customers' account fall into arrears, it is important to take action as soon as possible. Young businesses often don't want to annoy late - paying clients by nagging them and leave overdue clients until the last minute - and then it is usually too late to save anything.
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