5 Ways to Get Paid Faster in 2017
How to get paid fast and grow your business in 2017?
2017 is finally here! This past year we watch a crazy political season, cars driving themselves, drones delivering packages, and Angelina and Brad making the split (we all knew it was going to happen).
Every New Year gives us a chance to analyze the past year and prepare ourselves for a more profitable and successful year. If you are involved in the transportation industry, you should know that getting paid in a timely manner is one of the most important things for those who want to grow their business. Whether you’re looking to incorporate invoice factoring to the equation or make adjustments in your terms, it is important to carefully analyze your business model for optimal success when starting a trucking company or looking for growth opportunities.
If there are any delays or issues related to payment of invoices, then this situation will eventually lead to cash flow issues too. This is especially true for those who have to deal with their business creditors too. As the payments start accumulating, you will start wasting your precious time on collecting debts instead of working on your business growth. Don’t let this 2017 turn into a difficult year and follow some tips that can help you get paid fast and grow your business in 2017.
- Highlighting Payment Terms
Before sending an invoice to any client, make sure that the payment terms are highlighted, understandable and clear. Just to be sure that every client understands them, feel free to add a payment due date on every invoice.
- Invoice Accurately
This 2017, do your best and double check your invoices before sending them. Sending incorrect invoices will not only cause confusion and lead to delays in payment, but it will also ruin your reputation. In case you are providing different products or you are providing complex services, break down all these items into separate lines. This is a good way to double check the invoice and to help the clients understand what exactly they are paying for. In the end, make sure that you are delivering the invoice to the right person.
- Invoice on a Regular Basis
Many successful companies are invoicing on specific dates every month so they can get paid much faster. For instance, some of them are sending invoices every Monday or every 10th of the month. However, in case you are working with many different clients, on many different projects, it would best to send the invoices right after you are done with your job.
- Be Unique
Use the experience of other trucking companies that don’t have such problems. Namely, it turns out that providing incentives can improve payment rates. For instance, by stating that if the client pays the invoice in less than ten days they’ll get a certain discount you can expect increased payment rates. Of course, when working with the bigger brokers, we don’t always get to determine the parameters.
- Use the Help of a Factoring Company
As we have mentioned before, thinking about these payments and wasting your resources to make sure that your delayed payments are completed can slow down your business. If you want to grow your business this 2017, you should think about hiring a professional factoring company specialized in trucking factoring like Steelhead Finance. Top factoring companies like Steelhead can help you with invoice factoring (getting paid faster), credit checking, receivables tracking, and collections and removing a lot of the headache from your day to day. They can provide a peace of mind and help you focus on things that can help you strengthen your brand and expand your business.
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