RIABU - Tips and tools for getting paid on time by your customers

Beware customers who ask you for an invoice before onboarding

When a customer says "send me the invoice!" before you've even sent them a quotation or proposal, most suppliers leap for joy.

After all: which customer thinks of paying you so quickly!

But not so fast...there are good reasons for caution, as RIABU experts Simon Littlewood and Mark Laudi discuss.

Developing a "countdown to delivery"

Most customer interactions follow the same workflow. The customer places the order, you then deliver the product or service.

But if you don't include some of these critical actions in the lead-up to delivering, you will likely have to chase for payment later.

A "countdown to delivery" is a pre-emptive measure which gives you enough time to delay or stop delivery if the customer hasn't met their deadlines.

In this podcast, RIABU experts Simon Littlewood and Mark Laudi discuss how to put such a countdown together, and how to stick to it.

What is the kindest way to delay paying your suppliers?

Well, it happens.

You want to pay your suppliers, but sometimes for cash flow reasons you have to buy time.

Getting paid on time is a perpetual challenge that many businesses can relate to. If you find yourself in the situation having to delay your payment to your suppliers and vendors, then this podcast is for you.

One of the common reasons for delayed payment is the poor management of cash flows. How do you manage it so that your supplier has time to make adjustments? How do you manage your payment terms?

In this episode, RIABU experts Simon Littlewood and Mark Laudi explain the importance of managing your order to cash cycle efficiently and why it is fundamental that your business relationships with your suppliers do not suffer.

Should you give freebies "for the exposure"?

It's infuriating but common for prospects to ask for free stuff "for the exposure" this will give you and your business..

But if you give in in the hope of winning them over you risk wasting time and money when they fail to become a new customer.

But how can you weed out the freeloaders without jeopardizing relationships you have with your customers, and ensure you invest your time and effort only in genuine prospects?

In this podcast, RIABU experts Simon Littlewood and Mark Laudi discuss how you can avoid such requests and ensure that your customers take your terms and expectations seriously.

Should you charge interest on overdue invoices?

Overdue invoices are a perpetual problem many businesses have to deal with.

You might have been tempted to charge interest to incentivise customers to pay on time.
 
But does this actually work?

RIABU’s Simon Littlewood and Mark Laudi discuss how to set the right junctions that ensure you are first in line to get paid - whether you charge interest on overdue invoices or not.

Should debtors go to jail, or be allowed to restructure?

Getting paid late by your customers is infuriating enough.

But sometimes, customers never pay at all.

Should debtors be punished and even go to jail?

Or should you give them breathing space to allow them to restructure and, hopefully, pay at least part of your invoice later on?

RIABU experts Simon Littlewood and Mark Laudi discuss.

What if the BPO is separate from your business contact

Your customer is based locally, and you deal with someone who works just a few streets away, or in another part of town.

But the person who receives and handles your invoice is in a Business Process Outsourcing (BPO) centre elsewhere, such as India, Philippines or Malaysia.

How can you manage these disparate relationships in a way that ensures you still get paid on time?

Listen to RIABU experts Simon Littlewood and Mark Laudi address the challenges and explain what you can do about it.

By the time you activate the lawyer, it's already too late

Collecting money from customers can be a challenge for business, and sometimes with nowhere else (but Riabu) to turn to you may resort to activating a lawyer to show you really mean it.

But the question is, will a lawyer's letter help you get paid?

RIABU’s Simon Littlewood and Mark Laudi discuss why hiring a lawyer will not solve your collection problems, and what to do about it.

Scope creep - and how to avoid it

Scope creep - it's when your customer asks you to deliver more than they are paying for.

Then you're in a bind: do you agree to it and effectively give a big discount on your products or services? Or do you push back and risk losing the customer?

How do you politely stay on track without giving free work away or offending your customers?

In this podcast, RIABU experts Simon Littlewood and Mark Laudi discuss ways to manage the scope terms, deliver to your customer’s expectations and still keep the customer happy.

How to chase for payments without looking desperate

Getting paid on time is a crucial aspect of any business and overdue invoices continue to be a challenge.

Making collection calls to your customer is a daunting task that many business owners dread. But how do you chase for your payments without looking desperate?

Listen to the podcast as RIABU experts, Simon Littlewood and Mark Laudi share their expertise in preventing ever having to make such calls.