Closing the sale is not good enough. The sale is not complete until the money is in your bank account. But with everyone pushing credit to the limit these days, how do you get your money, and fast? Try the following suggestions.
1. Ask for the money upfront; it is that simple. You may need to incentivise them with a range of offers such as a:
2. Ask for a deposit, or a larger than normal deposit – you never know they may just pay
3. Use early payment as part of a negotiation
4. Ensure that all invoices raised are 100% accurate – don’t give the client an excuse to delay payment
5. Look at recurring income models. Can you put your clients on monthly DDMs? What could you offer on a regular payment basis?
6. Make sure that accounts team know what you have agreed.
7. Credit Control is king, ensure you follow up and ask for payment within the payment terms time
Of course you should only be giving credit if you’ve credit checked those customers in the first place! However secure you think they are you should still check them out. Whatever you do don’t give credit and an early payment discount.