Your company has an astounding reputation in your local area and beyond. You are known for carrying out work to the highest standard in a timely manner.
The majority of your clients are pleased both in terms of job completion and your prices. Unfortunately, there are a minority of consumers who try to dodge payments.
Are there any innovative approaches you can take to ensure timely payments? Sometimes, a little flexibility goes a long way.
Discount for prompt payment
Everyone likes the feeling of getting a deal, and your clients will be no exception. Have you considered offering small discounts for prompt payments? After all, the sooner you are paid for the work, the sooner you can designate your time for the next project. Repeat custom is also something to consider. Have you secured a large client who has a lot of work in the pipeline? By offering them a small discount for prompt payment, they are likely to come to you in the future, which means the profit far outweighs the discount given.
Sometimes, work comes in over budget, that’s often just the nature of construction. Materials may have increased in cost since you first priced the job, and the final bill may come as a shock. With clear communication, you and the client should be able to sort things out. You might consider offering a payment plan, that works for both parties. You will receive a steady income stream, while the client doesn’t have to part with an overwhelming sum of cash immediately. Again, this could boost your profitability in the long run as you secure a customer for the long term.
If a customer is refusing to cooperate or pay up, then you do have a host of legal options at your disposal. Having a knowledgeable support network on your side will help ensure you are paid fairly for your hard work.