Cash (flow) is king, especially in a challenging economy. But there are ways you can ensure that you get paid in a timely manner. Jamie Herzlich’s article in Newsday gives some handy pointers, including:
- Staying on top of unpaid invoices
- Developing a system for handling them
- Putting payment plans in place ASAP (if full payment is not forthcoming)
Another suggestion: Make sure you have your agreements with your clients and customers in writing. Whether it’s a full-blown contract or a purchase order, anything written that confirms the terms of your arrangement can help you. It sets the expectations up front and provides a basis for a lawsuit if you need to collect. Same goes for any payment plan arrangement–make sure you document those agreements.
This entry was posted on Tuesday, November 11th, 2008 at 12:24 pm and is filed under Contracts. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.One Response to “Getting Paid in a Tough Economy”
Leave a Reply
November 14th, 2008 at 12:11 pm
Great Tips – These really help women like me who are starting a newer business. Thanks for the Ideas