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2 Simple Changes All Business Owners Can Make To Increase Profit
Manage episode 399651041 series 2824162
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Today, I'm going to share with you two simple changes that can make a significant impact on your business's profit. These changes are easy to implement and I’ve seen them work time and time again.
My first tip for increasing your profit is to ensure you’re reading and understanding your legal documents. This includes your client service agreements, design agreements, terms and conditions, and any other agreements you have with your clients. Ask yourself: Do you operate in alignment with these documents? Are you following through on what you've committed to in your agreements?
By being knowledgeable about your legal documents, you can manage client expectations, effectively issue invoices, and eliminate scope creep. This ultimately leads to smoother client relationships, faster payment, and increased profit.
My second recommendation is to make sure you’re being strategic with payment terms. Even if your current methods are working for you, they may carry unnecessary risks. It’s important to review your invoicing process and payment terms. Think about the deposit you take and whether it is refundable or not. Also, determine the frequency of your invoicing – is it at the end of each stage or phase, monthly, or according to a specific timing?
Whatever you decide, ensure that your invoicing process aligns with what you communicate in your legal documents. Clients appreciate knowing what to expect and are more likely to pay invoices promptly when you have set clear guidelines from the beginning.
These two simple changes may seem small, but they can have a significant impact on your business's profit. By reading and using your legal documents effectively and being strategic with payment terms, you can improve client relationships, reduce payment delays, and ultimately increase your profit.
LINKS:
Check Your Legals with the Essential Legal Checklist here
Check out my Getting Paid Made Easy course here
Book a Strategy Session with me here
Website:tmsolicitor.com.au
Instagram:https://www.instagram.com/tmsolicitor/
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