Lately the team here at Crocodile Marketing was faced with a problem; one of our CRM Implementation Club members had been having serious cash flow problems. They were having to invest their dear time and money into chasing down clients who do not pay their bills on time and had to be reminded 1000 times. Obviously this detracts you, the business owners, from the more important facets of your business that are going to enhance your client base and thus bring you in more money.
Fortunately though, you are not alone in this issue. Even as recently as a few years back, Crocodile Marketing had similar problems. This led us to make the Invoice Collection Blueprint, a series of guidelines to collect your earnings, with less trouble, and without pricey debt collection agents.
So here are just 3 Crocodile Shortcuts from the Crocodile Marketing Invoice Collection Blueprint
1. Have all invoices sent by e-mail/fax to clients on the day the services are completed. Also change the Invoice layout to make an up-sell offer of other services in the footer of the invoice. This can be quickly modified in MYOB and QuickBooks.
2.Give a bonus to clients who pay their invoice on time such as:
a. An opportunity to go into the draw to win a vacation, movie tickets, dinner for two etc..
b. Free delivery for the following order, or all orders this month
c. Free monthly VIP customer members that give same day same phone call/quote/shipping etc (I generally prefer that you do not offer a cash discount as this draws long term price-shoppers)
3. You also get up to 17% faster payments if you give people directions (printed on the invoice) on how they can pay the invoice. (Include the less complicated methods first)
So ask yourself, are you victim of cash flow or are you protecting your cash flow and lifestyle?
If you are committed to fast track implementation then you’ll get fast-track results.
For other CRM Training Tips, visit here.
Crocodile Marketing is an internet based marketing company committed to providing top of the range and cost-effective CRM solutions for our customers via our CRM Implementation Club.