Running a Business: Set good business terms




The small print written on bottom of invoices of invoices, for example.

 

But they are more than that. They help you set up profitable and sustainable deals with your customers - you get paid on time, and customer isn't surprised by sudden changes in plans or service.

 

It is also good business practice to send polite but firm email/call/mobile notification as soon as any payment is due.

 

Other ideas:

 

- Upfront Deposits, balance on delivery

- Invoicing every week/fortnight (useful for freelancers instead of waiting for 30 more days after end of work)

- Maintenance plans (e.g. air conditioner purchases)

- Annual increases (e.g. cable)

- Incentives for referrals (e.g. Dropbox)

- Discounts for timely payment

 

Thank you for reading.
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In: Running a business