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Why Isnt Your Business Getting Paid ?, Billing Errors.

It has been researched and proven correctly that most businesses find it difficult to analyse and follow up their billings which may lead to losses for business.

Some of the things they find difficult are things like not correctly putting the address on the invoice or not putting the date. it could also be a function of not signing properly.


All these errors could lead to your business losing money and that’s really bad especially in this type of economy the world is facing right now.


Hi everyone, my name is Timileyin and in this post i will be telling you 8 mistakes most businesses make that deprives them of their pay.


The first step is the

SIGNING OF CONTRACT


This is a crucial step and most business especially startups fail to do this .

To ensure your security in the business either via partnerships, joint venture and so on, you need to have an agreement in which the parties involved has to sign as a form of evidence in the event of an issue.


The second step is the establishment of

PAYMENT TERMS


As part of your agreement, there has to be a signed agreement of the payment terms for whatever business transactions you want to carry out.

This payment agreement is often expressed in percentage shares,i.e a party will take a particular percentage from the profit whie the other take another percentage.


Carrying out this procedure correctly will ensure the smooth dissemination of cash and in the end, everybody goes home happy.


The third step is the inclusion of

SPECIFIC DETAILS


In the world of business, you dont leave any stone unturned because you never can tell what lies under it.


One major way most businesses never get the full benefits of their investments or sales is that they miss out important and specific information as it relates to their business transactions like including including a purchase order if required by the customer, stating what a customer is being billed for and who they are sending the bill to.


Things like the duration of delivery, delivery cost and so on should also be stated before any agreement or transaction is to be made.


The fourth thing is always remember to do is to

GIVE RECEIPTS TO CUSTOMERS


This is a really good attribute of a professional business, it helps to build integrity and trust.

It gives the customer the assurance that the good bought is not a stolen good and it also indirectly makes the customer to always remember that business whenever a need of such arises and therefore the business doesn’t lose any money.

It can also come in handy whenever there is a mix up in the transaction, the receipt can always clear out any of such arguments.


The fifth thing is that you need to

GO DIGITAL


For businesses to keep track of their data such as invoices bills, cheques and so on.

The business has to make everything automated so as to ensure maximum delivery and minimal losses.


The sixth thing is to

MANAGE CASH FLOW


For a business to always stay on top, a regular check of the cash flow is as important as thr life of the business.

Not paying attention to how and what funds enters and leaves the business will cause the business to loose money either in the shortrun or long run.


The seventh thing to do is

NOT GIVING INCENTIVES


Human beings are the most difficult creature to deal with which is why as a business person you need to identify what your customers wants and use that as an advantage to yourself by giving out some incentives to make them subscribe to your business.


Most business loose out of this benefit and it has affected them negatively and also really fatal because they tend to lose customers every now and then.


The eightth thing to do is to

OFFER PAYMENT OPTIONS


One thing human beings love is a life where there is no stress. Having known that, you can make life a lot easier for your clients by offering them different platforms where they can make their transactions from and at the same time enjoying the priviledges that you would have received if you had chosen a different payment option.


This is a really good attribute of a professional business, it helps to build integrity and trust.

It gives the customer the assurance that the good bought is not a stolen good and it also indirectly makes the customer to always remember that business whenever a need of such arises and therefore the business doesn’t lose any money.

It can also come in handy whenever there is a mix up in the transaction, the receipt can always clear out any of such arguments.

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