Key, KEY, detail in setting up processes for your growing business: Make it easy for customers to pay you! This sounds obvious, I know, but hear me out.
I was enjoying dinner with Kerry Sheppard at Black Finn in Austin, there was miscommunication around her order so they, offering excellent customer service, made her meal free – making her bill $0. ‘Oh but I still want to tip you and all I have is a card‘ she says to Nicholas our waiter. Without skipping a beat Nicholas offered to run her card for a penny so she could then add on whatever tip amount she’d like. Both being entrepreneurs we were impressed with his finesse.
It’s surprisingly common for me to discover that my clients have money due to them and easily resolved issues are stopping the customers from sending the money over. Simply having a quick chat or implementing a creative solution or workaround have resulted in increased income for clients in more than one case.
Nicholas had a system in place to ensure that people could pay him. He knew his value and was quick to use creative ways to be sure we could compensate him for that.
Like I said, moral of the story, think like Nicholas.
Make it easy for people to pay you.
Cash flow, accounts receivable, payment processes etc are definitely an area where you want to be sure to have sound, repeatable processes in place to make sure the money keeps on coming in.