The second small business tip that I would like to share and which ties in with the first is this:
CASH IS KING!
No, I don’t mean we make it our god or serve it but rather making sure you DO get paid for your service or product – or as the saying goes - money talks, BS walks!
I can’t tell you how many times I’ve heard “do this one for free or cheap and we’ll send you all our work”. Translation = we are going to screw you to get what we want. Or people will ask for insane payment terms with the work completed before paying an invoice, but then you’ll get empty promises like “the check is in the mail” or stories of “I’m out of town.” You never get paid.
My philosophy is that the only sure thing is money in the bank, and the sooner it arrives, the quicker I can work on your stuff or send your widget.
The best policy I ever adopted was a 50% deposit down to start and the remainder due upon completion. No design files or anything until payment was complete and no exceptions. On any job less than $3,000 USD, the payment had to be 100% upfront. Translation = It’s hard to sue or recoup your money, especially on small numbers, if they bail.
Jesse James, the West Coast Chopper dude, has a tattoo on his palm with a dollar sign that says “pay up sucker!” I really love that.
It’s nice to believe we can trust everyone and that we will get paid for our work or product but the world is the way it is…you will get taken advantage of. Get the money upfront or on winning terms for yourself because cash is king and the rest is all BS.
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