How To Deal With Late Payments

This video offers tips and advice on how to deal with late payments from clients. Late payments are one of the prevailing factors which leads to stunted growth for small businesses. If small business owners are not paid on time not only can they not pay themselves but they cannot pay those who work with them.
I will never really understand how a client can use the services of an individual/company and not pay, you would never be able to walk out of a restaurant after the chef and staff have worked hard and not pay for your meal.
We need to address this issue of late payments which can cause a high level of stress and cash flow issues for freelancers and small business owners.

There are more formal, legal ways in which a late payment can be dealt with when they become more serious and I would most definitely recommend seeking professional advice when they become a serious issue. Do not leave it too late, you have rights and are protected by the law but you must learn what those rights are.

There are more formal, legal ways in which a late payment can be dealt with when they become more serious and I would most definitely recommend seeking professional advice when they become a serious issue. Do not leave it too late, you have rights and are protected by the law but you must learn what those rights are.

Whilst you are waiting for your late payments to clear make sure that you also take the time to consider these financial tips for your small business:

Accounting – having an experienced, high quality accountant is invaluable particularly when it comes to those annual reports and tax returns. A good bookkeeper is also recommended if possible to help with the day-to-day organisation of your financial paperwork.

Organisation – Keeping all your receipts and invoices well organised allows for stress free record keeping and troubleshooting where needs be. If you can afford to hire an administrator or bookkeeper who can help with this then go for it! Anything that will keep you organised.

Budget & Planning – Make a monthly budget which allows for all regular outgoings as well as any new projects that require a financial injection. Plan your projects accordingly in order to work well with your budget.

Awareness – Most people take it for granted but its crucial to keep up to date on what the financial markets are doing and how this will affect your business. Understanding market trends and interest rate fluctuations can prove priceless for long term financial planning.

Can You Make Money From Your Passion?

Every Business Which Starts With a Passion Should End With a Profit

Passion is often one of the key motivators that people use to explain why they start their business. You don’t have to be particularly passionate about the sector you are in to be success by the way, but for the purposes of this topic we will focus on passion as a drive. In fact your passion itself can be turned into a thriving business but you have to be resolute. Whilst money isn’t the only reason to start a business it is one of the most important aspects of being able to STAY in business. If after your initial growth years you are not making money or a profit then it is important to go back to the drawing board and assess what your business is doing and why you started your business.

When you turn your passion into a business you will find that you may see things differently, suddenly the very thing you loved starts to look like a burden – it doesn’t have to be that way? I often find that this only happens when you do not maintain a clarity of purpose, undertake poor business planning and you do not set boundaries. For example  some people in your social circle will see that you’re good at something and suddenly ask you to do them lots of favours or even work for free. You need to value your time and become more confident in your business model.  You need to focus on how you can turn you passion into a business and still be in love with that business. There is nothing to feel ashamed of when it comes to being financially independent, whether you want to scale up and grow your business or you just want financial freedom the only way to be successful if if you move away from the idea that you can’t make money from your passion. Don’t undervalue yourself and don’t let people take you for granted. The moment you value yourself enough to put a price tag on your passion you will see the time wasters and energy suckers fall back.
I know that some people use the adage that if you love what you do you would do it for free, this is true but that is based on the emotional joy of doing what it is that you love to do, you deserve to get paid for your gifts and you can make a profit from your passion but you have to take your business seriously.

Watch this video and share your experiences.

Knowing How Much to Charge For Your Product or Service

Knowing how much to charge for your product or service can be a complicated process for some small business owners. Charging the right price for your product or service is essential, not only for your business growth but also in ensuring your business survival. Once you have done the necessary basic accounting checks to ensure that you are at least breaking even you have to undertake the necessary steps to ensure you get a fair price for your product or service.

Do the work and make sure you attach the right price to what you have to offer.
There is far too much doubt and fear over pricing. Hopefully this video will alleviate some of those doubts.

Also read my guest blog on +Soji Fagade‘s Site http://www.sojifagade.com/the-price-is-right/