Turning agreement into money.
WHY IT BELONGS IN SELLING
A sale is not complete until payment arrives.
WHAT TO ESTABLISH BEFORE STARTING WORK
When payment is due How it will be made Who authorises it What their process requires
WHY THEIR PROCESS MATTERS
Large organisations pay on their cycle regardless of your terms.
WHAT TO ASK
What is needed for an invoice to be paid.
WHAT THAT TYPICALLY INCLUDES
A purchase order number Specific details on the invoice Submission through a particular route
WHY ASK IN ADVANCE
An invoice missing a reference sits unpaid for months.
WHAT TO REQUEST FOR NEW CUSTOMERS
A deposit.
WHY
It establishes commitment, and it limits exposure.
WHAT TO AVOID
Substantial work before any payment Terms extending far beyond your own costs
WHAT TO DO ABOUT LATE PAYMENT
Follow up promptly, in writing, factually.
WHAT TO ESTABLISH IN TERMS
What happens if payment is late.
WHAT TO DO IF IT CONTINUES
Suspend work, having given notice.
WHY
Continuing unpaid rarely improves.
WHAT TO RECORD
Every invoice, reminder and communication.
WHAT TO REVIEW
Which customers pay late, repeatedly.
WHAT TO DO ABOUT THEM
Change their terms, or decline further work.
