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COMPETITOR ANALYSIS REPORT
















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    Your options when your invoices become overdue

    When invoices become overdue, your business can take certain steps that will increase the chances of recovering the payments quickly.

    Don’t start the chase on an immediate basis

    If you haven’t received your payment despite the fact that 30 days have passed, then give your client a few more days before starting to actively pursue them. They might be having problems with their cash flow, so give them a chance. It’s always best to allow a few days before you contact your client, so as to give them a margin and some face-saving.

    Think and act positively

    When you first approach your client don’t react towards them in an angry manner. Instead request them to clear the overdue payment. Furthermore, don’t draw conclusions about why the payment is late. Sometimes people simply forget to make payments and a gentle and friendly reminder could do the trick.

    Send a friendly email

    First things first, its best to just send a gentle reminder via email. A friendly email with the original invoice attached might help recover the payments. Remember that if the tone of the email is very light, you may be able to retain your clients despite having issues with payments.

    If an email doesn’t work, send a statement

    Give a few days after sending an email, and if that doesn’t work submit a statement. Send a friendly email again this time with a statement as an attachment. This will remind the client that payment is overdue. Getting aggressive or angry won’t help but would harm the relationship- therefore maintain a warm and friendly tone simultaneously applying pressure. This might help secure your payment.

    Make a phone call

    If you haven’t been paid despite following all of the above advice, then it is time to make a friendly phone call. Enquire about their reasons for not making the payment and try to figure out the hindrance in the payment process. This will put the client on the spot and make them reveal whether or not they are facing any problem with the payment. This conversation will help you figure out what your next move should be.

    Last resort stuff

    If a phone call doesn’t do the trick, perhaps charging interest on the debt is a good idea. However, make sure you have already warned your client that you may take this step. Furthermore, consider not working on any further project(s) with this particular client until your dues are cleared.

    Hire someone else to chase

    If you hate dealing with overdue invoices and clients who do not make payments on time, you should consider getting someone else to do the job. This will help you avoid the headache of chasing your clients, and hiring a professional accountant will also bear better chances of payment as it increases your credibility.

    Finally, lessen the risk

    If none of the above-mentioned tactics worked for you, you need to consider asking for a percentage upfront or even full payment before starting the work. It would be a good idea to tell new clients that being a small business, you need to secure your funds and would eventually be happy to invoice after the work has been completed. However, that stage will come after you have established a relationship.

    When invoices become overdue, your business can take certain steps that will increase the chances of recovering the payments quickly.

    Don’t start the chase on an immediate basis

    If you haven’t received your payment despite the fact that 30 days have passed, then give your client a few more days before starting to actively pursue them. They might be having problems with their cash flow, so give them a chance. It’s always best to allow a few days before you contact your client, so as to give them a margin and some face-saving.

    Think and act positively

    When you first approach your client don’t react towards them in an angry manner. Instead request them to clear the overdue payment. Furthermore, don’t draw conclusions about why the payment is late. Sometimes people simply forget to make payments and a gentle and friendly reminder could do the trick.

    Send a friendly email

    First things first, its best to just send a gentle reminder via email. A friendly email with the original invoice attached might help recover the payments. Remember that if the tone of the email is very light, you may be able to retain your clients despite having issues with payments.

    If an email doesn’t work, send a statement

    Give a few days after sending an email, and if that doesn’t work submit a statement. Send a friendly email again this time with a statement as an attachment. This will remind the client that payment is overdue. Getting aggressive or angry won’t help but would harm the relationship- therefore maintain a warm and friendly tone simultaneously applying pressure. This might help secure your payment.

    Make a phone call

    If you haven’t been paid despite following all of the above advice, then it is time to make a friendly phone call. Enquire about their reasons for not making the payment and try to figure out the hindrance in the payment process. This will put the client on the spot and make them reveal whether or not they are facing any problem with the payment. This conversation will help you figure out what your next move should be.

    Last resort stuff

    If a phone call doesn’t do the trick, perhaps charging interest on the debt is a good idea. However, make sure you have already warned your client that you may take this step. Furthermore, consider not working on any further project(s) with this particular client until your dues are cleared.

    Hire someone else to chase

    If you hate dealing with overdue invoices and clients who do not make payments on time, you should consider getting someone else to do the job. This will help you avoid the headache of chasing your clients, and hiring a professional accountant will also bear better chances of payment as it increases your credibility.

    Finally, lessen the risk

    If none of the above-mentioned tactics worked for you, you need to consider asking for a percentage upfront or even full payment before starting the work. It would be a good idea to tell new clients that being a small business, you need to secure your funds and would eventually be happy to invoice after the work has been completed. However, that stage will come after you have established a relationship.

    When invoices become overdue, your business can take certain steps that will increase the chances of recovering the payments quickly.

    Don’t start the chase on an immediate basis

    If you haven’t received your payment despite the fact that 30 days have passed, then give your client a few more days before starting to actively pursue them. They might be having problems with their cash flow, so give them a chance. It’s always best to allow a few days before you contact your client, so as to give them a margin and some face-saving.

    Think and act positively

    When you first approach your client don’t react towards them in an angry manner. Instead request them to clear the overdue payment. Furthermore, don’t draw conclusions about why the payment is late. Sometimes people simply forget to make payments and a gentle and friendly reminder could do the trick.

    Send a friendly email

    First things first, its best to just send a gentle reminder via email. A friendly email with the original invoice attached might help recover the payments. Remember that if the tone of the email is very light, you may be able to retain your clients despite having issues with payments.

    If an email doesn’t work, send a statement

    Give a few days after sending an email, and if that doesn’t work submit a statement. Send a friendly email again this time with a statement as an attachment. This will remind the client that payment is overdue. Getting aggressive or angry won’t help but would harm the relationship- therefore maintain a warm and friendly tone simultaneously applying pressure. This might help secure your payment.

    Make a phone call

    If you haven’t been paid despite following all of the above advice, then it is time to make a friendly phone call. Enquire about their reasons for not making the payment and try to figure out the hindrance in the payment process. This will put the client on the spot and make them reveal whether or not they are facing any problem with the payment. This conversation will help you figure out what your next move should be.

    Last resort stuff

    If a phone call doesn’t do the trick, perhaps charging interest on the debt is a good idea. However, make sure you have already warned your client that you may take this step. Furthermore, consider not working on any further project(s) with this particular client until your dues are cleared.

    Hire someone else to chase

    If you hate dealing with overdue invoices and clients who do not make payments on time, you should consider getting someone else to do the job. This will help you avoid the headache of chasing your clients, and hiring a professional accountant will also bear better chances of payment as it increases your credibility.

    Finally, lessen the risk

    If none of the above-mentioned tactics worked for you, you need to consider asking for a percentage upfront or even full payment before starting the work. It would be a good idea to tell new clients that being a small business, you need to secure your funds and would eventually be happy to invoice after the work has been completed. However, that stage will come after you have established a relationship.

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