Ed’s Top Tips – Tip 11: A sale is not a sale until you’ve been paid

Tip 11: A sale is not a sale until you’ve been paid

Ed Goodman, business mentor, author, and co-founder of Cambridge Business Lounge, presents Ed’s Top Tips – a series of short and useful guides for starting and running a business. This week: a sale is not a sale until you’ve been paid.

Don’t let the topic of money become the elephant in the room.

It’s a wonderful feeling when you make a connection with a client who loves your work and wants to work with you, but when the topic of being paid comes up it’s something many of us feel uncomfortable talking about.

You’re amazing at understanding the customer’s brief and you’ve kept them in the loop all the way through the process of the work you’ve done but near the end of the process, you’re talking about being paid. Why didn’t you bring this subject up right at the beginning? Good business practice suggests that you have clear communication about all aspects of your business and being paid is a highly important topic to bring up right at the beginning of a new relationship.

It’s important because you are being clear and concise about the way you work and this will enable you to manage the client’s expectations better, whilst also making them aware of when you expect to be paid and at what stage your output will come to an end. Being upfront about what the client should be expected to pay and your terms and conditions will make your life a lot easier in the long run and will negate unnecessary problems when do send them an invoice.

Watch Ed’s video about being up front when talking about being paid:

Action Point:

Write down your sales process and identify when the question of making payment comes up. Now you’ve watched Ed’s video do you think that you could rearrange when you talk about payment in your process?

We’d love to hear how you begin the conversation about being paid? Do you have any methods to make it more comfortable, or do you avoid it altogether?  Tweet us and tell us using the hashtag #Edstoptips.

 

 

Ed’s Top Tips – Tip 3 – Managing your cash flow

Ed Goodman, business mentor, author and co-founder of Cambridge Business Lounge, presents Ed’s Top Tips – a series of short and useful guides for starting and running a business.

Tip 3 – Managing your cash flow. It’s all about the money, money money…

One of the main reasons why a business fails is its mismanagement of its cash flow. In fact, according to a U.S. Bank study, as many as 82% of business failures are due to poor cash management.

Watch this video where Ed talks about the importance of managing your cash flow.

How do you track your finances? What lessons have you learnt in ensure your cash flow is managed effectively?

Let us know in the comments or Tweet us using the hashtag #EdsTopTips.