February 8, 2017
Avoid taking on such clients, and establish penalties if they slip through your net. Delinquent clients are like an acid drip: They eat away at your profit margin and corrode your cash flow. And once a client moves from late-paying to delinquent, it’s usually too late to expect a quick and happy ending. Just as in sports (and war), “the best defense is a good offense.” Avoid taking on delinquent clients in the first place. Here’s how: Step One: Choose your target market wisely. You can’t be all things to all people. Choose a target market that makes sense, given your expertise and capacity, and start there. Once you’ve established a strong foothold, then consider going beyond. Companies that take whatever walks through the door routinely find that those clients: 1. Don’t appreciate their work, and 2. Can’t or won’t pay full price for what they received. Plus, you may spend inordinate (and unprofitable) amounts of time trying to service them. Step Two: “Profile” your potential clients. A client that fits your target market won’t necessarily…
Continue ReadingAs a business owner looking to grow, there may have been times when you’ve been strapped for the cash you need to scale your business. (Now, perhaps?) Instead of turning to traditional methods of loans…
Read MoreI had a post from “Explorer,” who is starting a new venture (Congratulations!). Explorer was wondering if it’s OK to do business without a company name at the start, as she hasn’t registered one yet.…
Read MoreDuring tough times, it’s a beautiful thing to want to be compassionate. But when it comes to not getting paid and leaving money on the table, that kindness and compassion can be devastating to a…
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