Alright, I’ll just come out and say it: invoice your customers! I know it sounds obvious, but you would be surprised how many business owners put off that task of invoicing their customers. Doing just that can help you boost your revenue immediately.
You know your business needs cash flow to survive. You cannot pay yourself or your bills or buy the things you need to keep your business moving forward if you don’t have the cash flow. Invoicing your customers is your way to secure that cash.
If you’re running your business with recurring billing, or better yet, recurring automatic payments, then you already understand the power and importance of invoicing. With that type of system you can better plan for your revenue stream and upcoming expenses. In contrast, if you are doing any type of project-based or one-off billing, you need a system in place to get your invoices out to your customers as soon as possible. It’s likely that your customer will sit on that invoice for a couple of weeks before they bother to get it paid. All the more reason to invoice them as quickly as you can!
After you send the invoice, follow up with the customer to make sure you get paid. Again having a system in place comes in handy here. If you don’t get payment within a few days, resend the invoice, send a reminder or call them and ask for payment. Calling gets results. As a bookkeeper, I know which vendors are going to call me to ask for payments and which aren’t, so I pay those that don’t ask last.
You need to be the one following up to get paid. If you truly don’t like this part of your business, ask yourself why. After all, you started a business to make an income, you are offering a product you believe in, and your customer benefits from your product. You deserve to be compensated!
The main takeaway here – to boost your revenue immediately, get a system in place for invoicing and following up with your customers. If you need help putting together an invoice system, maybe it’s time to work with a profit strategist. You know where to find me!