Money Monday — April 11, 2011

Since “tax day” is right around the corner, instead of “Marketing Monday” today is being dubbed “Money Monday,” because our resident financial expert, Galia Gichon, recommends allocating one regular day to focus on money. So maybe that’s today!

(I’ll be giving more basic ideas about how to stay on top your financial situation in this week’s webcast, How to Manage Your Money. Sign up here.)

If you’re not sure what to start with today, take a look at what invoices need to be sent out and, especially, which clients have outstanding invoices. It may be time to give them a little nudge, probably not your favorite thing to do, but essential if you want to keep that cash flowing.

In fact, if you have clients who aren’t paying (and if you do, you’re not alone), there are many things you can do. I came up with a list of 11 options for The Creative Professional’s Guide to Money. Here are a couple:

1. Remain professional and don’t stress. Most important is to deal with these situations rationally. If you feel angry or emotional, wait until your head is clear before you have any contact with the client. Don’t put anything in writing that could damage your reputation.

2. Stop work. If you are still working on any projects, stop immediately and let the client know you’ll be happy to resume when payment is resolved. This is not a punishment; your paying clients come first.

3. Be squeaky. Call and e-mail every week, even every day. They are likely to pay you just to stop the harassment.

Read the rest here.

Do you have techniques that work, when it comes to getting clients to pay?