In business, it’s all fun and glamorous when we talk about marketing and making sales. But what happens AFTER the sale? There’s more to it than meets the eye – and most of the time, the post-sales, post-delivery activity is what most entrepreneurs and small business owners find to be painstaking.
We’re talking about collecting payment. How do you collect the revenue you have earned?
Making the sale is a “prize”, but collecting the payment afterward? Invoicing for your services and collecting the cash can be a burden or even feel distasteful. This might be especially true if you are used to people-pleasing or you are worried about maintaining the relationship.
But take it from this week’s Thriver, Dee Bowden. For Dee, sales are great, but cash is still king! We can run away from this business activity, dodge it a couple of times, or hope that we don’t ever have to confront this situation. But the truth is if you don’t have adequate systems in place, or you can’t communicate with your clients and collect payment for services or products provided, then you need help in collecting the cash.
Listen to this episode to know how you can set up an effective payment collection system that will help move your business forward.
Other Resources Mentioned:
Thriving Points:
- The sale is not complete until the money’s in the bank, but you must collect the first. If you were competent to ask for the business, in terms of asking for the sale, you have to be just as competent and asking for your payments. – Dee Bowden
- I make it fun because this is very serious. And it’s also one of those things that a lot of people in business shy away from. They don’t like selling. They don’t want to have to ask for the business. They don’t want to have to deal with all that. – Dee Bowden
- Relationships are everything in business. Especially around money. A lot of people don’t like having that conversation. But if you set it up upfront correctly in the beginning, it doesn’t have to go left. – Nikki Rogers
- Setting up a collection system is no different than running your own home. Dee Bowden
- We make things complicated. But what we really just need is to track who it is we’re supposed to be billing. Nikki Rogers
- In deciding on your collection system, you have to make a decision based on what’s best for you in terms of (1) your business, (2) the relationships, and (3) your cash flow. – Dee Bowden
Get to Know the Guest:
Dr. Dee Bowden is the creator of Collect the Cash. She works with small businesses that want to solve their cash flow problems. She is on a mission to keep small businesses profitable.
After collecting $6 million dollars in 60 days while working for a small IT company, Dee recognized small businesses also fall prey to revenue loss because they don’t collect the outstanding invoices. Her revenue recovery strategies have been featured in Forbes, Yahoo Finance, VIP Global, Black Enterprise, and Thrive Global Magazines.
Connect with Dr. Dee:
About the Show:
Women Thriving in Business features candid unscripted conversations with entrepreneurs, business experts, authors, and academics aimed at contributing to business success. This weekly show provides interviews with business leaders who have built, grown, and are thriving in business. Nikki A. Rogers, host of the show, also discusses achievements, lessons learned, and advice for aspiring business owners to develop the mindset, strategies, and connections necessary to thrive in business. Whether you are just starting or you have been in business for decades, WTiB offers inspiration, strategies, and resources to help you THRIVE in business.
About the Host:
Nikki is a strategist and transformation coach who believes life is too short not to do what you love. She is passionate about helping entrepreneurs build sustainable companies and supports business leaders in developing the mindset, strategy, and connections to create thriving businesses and build legacy wealth.
Nikki is the CEO of The Bladen Group and an alumna of North Carolina A&T State University and UNC-Chapel Hill.
Connect with Nikki: