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Optimizing Revenue
The professional who introduces a well thought out billing policy should meet his or her professional remuneration goals with little effort. However, many professionals dislike the idea of discussing money with their clients and expect their staff to take on this task. This is a sure way to ensure that you won't reach your optimum revenue goals.
- Ask your bookkeeper or accountant to help you set up a simple revenue collection system and help train your staff to use it.
- Know exactly what you can bill for. You must have an excellent grasp of your own billing system.
- Don't discount too many services. This is a common trap that many young professionals fall into in the belief that it fosters excellent public relations. Few clients these days expect to receive professional service for free, and as long as they know how much you charge, and feel they are receiving a valuable service, most will pay without complaint.
- Set your fee structure, taking into account your own time, staff time, and a portion of the overhead related to the provision of the service and service preparation time.
- Prepare invoices at the time of service or as close as possible to the time of providing it.
- Use technology, such as billing software, to speed up the collection process allow clients to pay by credit/debit cards.
- Train your staff well to collect on every invoice. Many staff members are uncomfortable doing this, so find the right person for the job.
- Develop a handout to highlight a fee structure for the various services you provide.
- Ensure you discuss payment structure at the start of each client contact so it is clearly understood.
- State in writing your estimate for the proposed service/contract and have the client sign it if warranted by your profession.
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Moneris Solutions is a joint investment between RBC Royal Bank and Bank of Montreal. Moneris Solutions is your single point of access for Visa, Master Card, Interac Direct Payment and leading edge point of sale solutions. |
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