Cashflow is the lifeblood of a small business. Without money coming in things can turn sour quickly. But what if you’ve got the clients, and you’ve done the work, but the invoices just aren't getting paid? Here’s how to get paid and get paid faster.

Automate your invoice payments

Don’t allow your customers an option as to whether or not to pay you. Set up your invoicing and contract in such a way that once the work is completed you can charge their card. The features in your invoice software can handle this for you. You can create a specified payment schedule based on date or milestone (which they’re agreeing to when they pay the first invoice). The invoicing software keeps their card info on file and is able to charge them at the appropriate time. Automating invoice payment saves you time and energy because everything is set up at the very beginning of your work together. 

Create canned follow up responses

Chasing down a missed payment is not fun. Half the pain for me was thinking about what to say in the email. Being the people pleaser I am, I wanted to give them the benefit of the doubt, and ask you know, if it’s not too much trouble, could you please pay me. Ugh! Talk about a task I avoided as long as I could. But by writing more generic (but politely insistent) canned emails asking for payment I took the stress out of outstanding invoices. Once they hit the deadline the email is sent. Bonus points if you can schedule it within your invoice software automatically!

Have a policy and stick to it

You need to specifically state what constitutes a late payment in your contract, what the penalty is, and when it applies…and then actually apply it. Include a reminder of this policy in one of your canned follow up emails, this way it’s not a surprise to anyone. Sometimes the pain of paying extra is the push someone needs to pay those invoices on time.

Know when to fold em

Sometimes you just come to the realization that it’s not worth chasing a client down month after month. When the same person is constantly paying your invoices late, ignores your follow up, and is just a down right pain, it’s okay to let them go. Don’t hold on to a troublesome client just because you think you need the money (newsflash, if they’re not paying you do you really have that money anyway?). Know that sometimes clients come and go, and when one goes that just opens the door for the next amazing person you get to serve. P.S. Having a canned client disengagement letter makes pulling the trigger on letting one go that much easier.

Are you ready to get paid faster? Implement these four practices in your business today and start seeing the cash come in on time.