For #MarketingTwitter #Copywriters #GraphicDesigners #MoneyTalks
A thread on getting paid.
You work hard. You do a good job. The client is happy.
You send the invoice.
And wait to get paid... and wait... and wait some more...
Here's how you can fix that...
//THREAD//
A thread on getting paid.
You work hard. You do a good job. The client is happy.
You send the invoice.
And wait to get paid... and wait... and wait some more...
Here's how you can fix that...
//THREAD//
2. First, you probably need to get more comfortable talking about money.
We’ve been trained not to talk about it. It’s not polite. It’s embarrassing.
And hey, we’re creative people, not accountants.
So, force yourself to talk about money. Start at the estimating stage...
We’ve been trained not to talk about it. It’s not polite. It’s embarrassing.
And hey, we’re creative people, not accountants.
So, force yourself to talk about money. Start at the estimating stage...
3. How do you send estimates to clients?
Just email it, wait for them to call you?
Can I suggest, you tell them you’re sending it, and you’ll follow up with a phone call to review it?
You're calling to make sure you got all the details...
And to also talk about money.
Just email it, wait for them to call you?
Can I suggest, you tell them you’re sending it, and you’ll follow up with a phone call to review it?
You're calling to make sure you got all the details...
And to also talk about money.
4. Call them. Review the project.
Review the estimate. If you get pushback on the numbers, stand firm. Polite, no apologies, firm.
If they need the estimate reduced, let them know you’ll look at it to adjust (reduce) the deliverables to match the budget.
Review the estimate. If you get pushback on the numbers, stand firm. Polite, no apologies, firm.
If they need the estimate reduced, let them know you’ll look at it to adjust (reduce) the deliverables to match the budget.
5. If you are challenged, is your first inclination to reduce the estimate?
Why? Because deep inside, you’re hoping if you do this you won’t have to talk about money anymore, right?
Don’t do it.
Learn to stand by your estimates or to change deliverables to match the budget.
Why? Because deep inside, you’re hoping if you do this you won’t have to talk about money anymore, right?
Don’t do it.
Learn to stand by your estimates or to change deliverables to match the budget.
6. Let’s assume they agree to the estimate.
They should also agree to terms of payment.
For first-time clients, there should always be a meaningful deposit. From 50% – 100%. Yes, money upfront before you start.
You may hear reasons (excuses) why they can’t....
Stand fast!
They should also agree to terms of payment.
For first-time clients, there should always be a meaningful deposit. From 50% – 100%. Yes, money upfront before you start.
You may hear reasons (excuses) why they can’t....
Stand fast!
7. Don’t back down. Get the deposit before you start. Every lawyer does this. Many other professionals too.
Also, if it’s a big job, say over $10K, you should get progress payments based on deliverables.
Then, there should be terms for any remainder. Typically Net 30 Days.
Also, if it’s a big job, say over $10K, you should get progress payments based on deliverables.
Then, there should be terms for any remainder. Typically Net 30 Days.
8. Despite this, what if a client owes you beyond the terms?
At my agencies, we had the bookkeeper make collection calls.
She was tougher than any of us. For her, it was just business.
She's in charge of finances, she needs to collect.
"Can I expect payment within 3 days?"
At my agencies, we had the bookkeeper make collection calls.
She was tougher than any of us. For her, it was just business.
She's in charge of finances, she needs to collect.
"Can I expect payment within 3 days?"
9. If you don’t have a bookkeeper, can you get someone else (spouse/partner?) to be the collection person?
You maintain your creative relationship with the client, they take care of collecting.
Let them be the heavy. Practice a little script, they make the call.
You maintain your creative relationship with the client, they take care of collecting.
Let them be the heavy. Practice a little script, they make the call.
10. When we had our bookkeeper do it, I would sometimes get a call from the client.
Not to complain.
To apologize.
“Just got a call from your bookkeeper. We’ll take care of it right away. Sorry about that.”
Not to complain.
To apologize.
“Just got a call from your bookkeeper. We’ll take care of it right away. Sorry about that.”
11. Learn to be more comfortable having money conversations.
Talk money and terms before you start the job. So important!
Keep your cash flow flowing.
You work too hard.
You’re not a charity.
Get paid!
//END THREAD//
Talk money and terms before you start the job. So important!
Keep your cash flow flowing.
You work too hard.
You’re not a charity.
Get paid!
//END THREAD//
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