female entrepreneurs

7 Hacks to get prompt payments from customers

2020-01-04T13:11:55+00:00 January 10th, 2019|Categories: TheStartUpGold|Tags: , , , , , , , , |

Continuous late or delayed payments can very easily bring a startup business to its knees. A healthy cashflow allows businesses make the required investments to grow. A firm hand on spend and income is really important for a Startup to be successful.

Customers are key to this as most of the business income will come from invoices that have been sent out in return for goods and services they have procured.

It isn’t uncommon to find customers that wouldn’t bust a gut to pay their dues on time. If you run a business, here are seven ways you can get your money’s worth on time.

Bill on time

Have a set time of the month to verify all invoices have been sent. A lack of organisation could result in your customers receiving an invoice too late to meet your payment target date. You might also overlook certain areas that have been charged resulting in lost payment.

Use technology

Reduce the stress on customers and make it quick and easy to make payment using a mobile and online system. Google Pay, Amazon Pay, Paypal, Apple Pay and Stripe are some more popular choices with online businesses today.

Hire a watchdog

In other words, hire a book keeper or book keeping service to keep track of where the money is being held up and do the follow up. A book keeper can help prevent errors with invoicing as well as manage your company cash inflow and outflow.

Maintain a professional client relationship

Business is Business and fees are due after you have delivered a good or service. Gratitude isn’t an acceptable form or payment if you are in business to make profit unless you see this as a means of increasing customer loyalty and expect more business in the longer term.

Have an agreement

The terms of your agreement covers what you are billing for, make this clear and obtain an agreement before proceeding with the work. Ensure this is mapped out clearly on invoices to avoid delays with clarification. Itemise all necessary areas, such as quantity, hours worked, discount if any or VAT.

Offer a payment plan

Give customers a flexible option for payment such as spreading the costs and offer incentives for quick payment. If you pursue a flexible option for payment ensure you have a water tight agreement in place.

Have a late payment policy

Ensure this is set out clearly from the onset in the terms of your service as it shouldn’t come as surprise to your client. Send a courtesy reminder about late penalties to the client before your deadline and ensure whatever you charge, it is in line with the laws in your area.

Are there are other strategies you use to ensure prompt payment from customers? Let’s continue the discussion, Join our community for more business tips and share yours with other entrepreneurs.

Business Feature – Coding Blonde

2019-02-10T10:44:33+00:00 January 10th, 2019|Categories: startupgold|Tags: , , , , |

Coding Blonde’s mission is to empower women in the tech industry by making it more accessible and less intimidating.

Female founder Masha of Coding Blonde tells The StartUp Gold(TSG) how her business supports startups and how women can be more involved in technology.

TSG: So it all started in 2015, how does Coding Blonde support female entrepreneurs today?

Masha: My mission is to help as many women as I can discover their potential in the tech industry and get excited about it. I create content about the different areas of technology to make it more fun and accessible

TSG: What are some highlights and challenges you’ve had engaging female entrepreneur?

Masha: The biggest challenge is the fact that my audience is a lot of times intimidated by technology. The biggest highlight is when I hear women inspired and empowered by my content.

TSG: The tech industry is stereotyped as a male dominated industry, how much progress are we making as women in bridging the gap and engaging more on technology?

Masha: I think we are making a lot of progress as more and more girls are choosing a career in tech for themselves and employers are being expected to create a positive environment for women. It’s a slow process, but there is definitely progress.

TSG: How can the technology industry become more inclusive for women?

Masha: By having more women engaged, this way needs will highlighted and addressed. A great example is Sheryl Sandberg asking for close parking spots for pregnant women. A man wouldn’t think of it as they have never faced the same issues, the more women we have active in the industry, the more the industry can be made more inclusive, adaptable and friendly to women in general.

TSG: There is so much out there about technology that muddies the waters and sometimes makes it unclear as to how tech can improve a business. What/Where/Who will you suggest women turn to in order to understand this better?

Masha: It really depends on the context, but I’d say that there’s no evil technology. There are people who may want to misuse it. So I’d try to dig deeper and understand how and why people are using technology and what can be done to prevent potential misuse.

TSG: In what areas of business can startups and small businesses really gain momentum by adopting technology?

Masha: Automation! Automation! Automation! There rest really depends on the business and their goals.

TSG: What are some of the coolest female led businesses blazing the trail on technology adoption today?

Masha: I think those in the creative industry using technology to automate, outsource, track and get meaningful data.

TSG: What advise will you give a woman considering a startup in the tech industry?

Masha: Surround yourself with smart and inspiring people and never underestimate the power of research.

Follow CodingBlonde on Instagram, Twitter and Facebook.

To learn more about CodingBlonde and Masha’s work visit the CodingBlonde website

Female entrepreneurs are a fast growing demographic in the business world.

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