Are you enjoying the Action Steps? Did you set up a Google My Business listing and some Google Alerts? By the way, you can set Google Alerts for anything, not just for business purposes…
This week we’re talking about MONEY!!!!
As much as we love our businesses we also want to be paid in full and on time.
How many options do you offer your customers for payment? More payment options means more business, it’s that simple.
It’s easy to take mobile payments with products like Square and Moneris. Do a bit of research to determine which one works best for you and pass on the transaction fees to your customers. The convenience will more than compensate for any increased price. This applies to any and all businesses, not just those selling products.
If you are selling at farmer’s markets or craft shows provide different options for customers to give you their money, not everyone carries cash. Look around the markets and you will notice the busiest booths are ones where the owners accept electronic payments in addition to cash.
SELLING ON TERMS
If you offer payment terms to your customers, an option is to give a discount or other type of incentive to encourage early payment. If you have the unfortunate situation where you are unable to collect, you must generate 10 times the value of the loss in order to cover the cost to your business. Ask for advice from your accountant if you are experiencing slow paying customers.
Different payment options will please your customers! Make it easy and convenient for them and you will reap the rewards!
That’s all for this week.
Enjoy this day… and, if you can, call your mother.