Everything seems to be going right for your business. You enjoy your work, like your customers, and perhaps even have a few employees or coworkers who share your enthusiasm for the job. There’s just one problem: You don’t always get paid on time, and some of your invoices have gone without being paid at all.
Payment issues may seem like an isolated problem, especially when everything else seems to be going well. But the truth is that when you’re not receiving payments, or not getting paid on time, this problem can cause issues in all aspects of your business. Here are some examples of how payment problems can affect your business in unexpected ways:
- You can’t focus on anything else. Not being paid on time is stressful. You find yourself constantly watching the mail for payments, and spending more and more time becoming preoccupied with your accounts receivable. When payments aren’t coming in in a timely fashion, your focus shifts from your work to your bottom line. This can impact your services or products in negative ways.
- Your paying customers suffer the consequences. In order to make enough income to keep your business afloat, you may have to raise your rates to make up for payments that you’re not receiving, or not receiving on time. This is unfair to your customers who ARE making their payments. You shouldn’t have to raise the rates for all of your customers just because some of them are not paying their invoices.
- You cannot expand your business. You need funds in order to invest in marketing or other products and services to improve your business. If you are not receiving payments on time, you are limited in your abilities to re-invest into your business, which will prevent you from expanding.
Using a mobile invoicing product such as Street Invoice will increase your chances of being paid on time. Sending mobile invoices simply and quickly allows you to focus on other areas of your work. And when your customers receive their invoices right away, they are more likely to pay on time. Using Street Invoice lets your clients make payments quickly and easily, and prevents payment issues from affecting all aspects of your business.