How to Get Clients to Pay Faster

2 Jun 2023 · 1 min

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1:00

In this concise advisory video, the speaker emphasizes that an entrepreneur’s resourcefulness is crucial for accelerating client payments. He explains that payment delays often stem from the time needed to gather client information, complete milestones, and issue invoices. By quickly capturing required client data, aligning with client schedules, and streamlining internal processes—such as shortening proposal turnaround and expediting kickoff meetings—entrepreneurs can reduce the delivery cycle. The speaker urges creators to identify bottlenecks, find creative ways to eliminate obstacles, and thereby send invoices sooner, leading to faster cash flow.

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Resourcefulness might be the most important asset for you as an entrepreneur. Delays in getting paid could cause all sorts of problems. Typically, your ability to collect, your ability to invoice is predicated on completing a task, completing a milestone, or delivery of a service or a solution. At the same time, and in most cases, you're dependent on the client providing you with the information you need to complete the deliverable. The faster you can capture all that internal information, the faster you can start, The faster you can complete, the faster you can get paid. So while you're anxiously waiting to kick off the project, the client might not have the same sense of urgency. You have to be resourceful in accommodating the client's timelines and availability. Examine your delivery cycle. See what's taking you a long time to finish and try to optimize, try to be more efficient. For example, if it's taking you a week or 2 to complete a proposal, improve that turnaround. If it's taking a lot of time to schedule that kickoff meeting, accommodate for the client's schedules. Find creative ways to remove obstacles from completing your deliverables and sending your invoices out.