One of the toughest things about being an entrepreneur is dealing with no set pay date. Unless we have clients or projects that have set payment schedules (AND they are diligent about reimbursing us) our cash flow is often erratic.
One of the best ways to ensure you are paid on time is to collect a retainer BEFORE beginning work; often if you get the cash upfront the client is more motivated to get the project completed and will provide the info you need to keep things moving forward.
If you don’t accept payment pre-work, another way to encourage timely compensation is to offer a discount on the bill. I have found 5%-10% (up to $20) is typically a respectable incentive to early payment.
For more great tips check out the Money section of Inc.com – for this article -How to Get Paid Faster: 10 Tricks by Christina DesMarais.