Million Dollar Launch: How to Kick-start a Successful Consulting Practice in 90 Days by Alan Weiss

Author:Alan Weiss [Weiss, Alan]
Language: eng
Format: mobi
Publisher: McGraw-Hill Education
Published: 2014-03-11T14:00:00+00:00

Terms

Your terms should always call for payment on agreement or commencement for small projects. These may include a speech, or a day of coaching, or a brief analysis, or feedback of any kind. Sometimes you will have to wait while payment is “processed,” but at the end of 30 days, if you aren’t paid, you should go to your buyer and say, “We have a problem: my payment hasn’t been received per our agreement.”

Never argue with accounts payable, or purchasing, or procurement, or other strangers in the organization. Go back to your buyer and ask for help with our problem.

Never accept payment terms of, say, net 90 days, which means the agreement is not to pay for your 90 days and you may well not be paid for 120 days. If your payments are in installments for larger projects, treat each installment as I have indicated with single payments.

With small companies (legal offices, start-ups, real estate agencies, insurance brokerages, franchise owners) you may find the excuse that there are “cash flow problems.” That may well be, but that’s not your problem. You’re a small business deserving to be paid per the terms of the agreement. Note: If you accept these excuses, you will be placed at the bottom of the priority list for payment because it is now known that you will agree to wait, so the effects are cumulative. Banks don’t wait for mortgage payments; they make it clear they should be top priority.

So should you.

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