In his webinar, “How the Best Firms Get Better,” Doug Rawson (Base Builders, LLC) shared tips for accelerating your cash flow.
- Put your reimbursable items on a separate invoice from your design fee. That way, if there is a dispute on the reimbursables, your entire invoice won’t be held up.
- If your invoice for April work is being submitted to the client on May 2, date the invoice April 30 instead. Your client won’t wait until June to pay her “May” invoices received.
- Increase your billing frequency. When your deliverables are completed, deliver them to your client with an accompanying invoice. Try wrapping the invoice around the drawings when you send the completed drawings to your client.
- Prep your client. Let your client know that you plan to send an invoice out, and that you want to know if it’s okay to do so. Let your client know how much you plan to invoice (dollars or percentage) and ask for their blessing.
- Always follow up. Ask your client if your invoice was received. Ask them if they have reviewed it, and if they have any questions.
