You work hard to a secure new Client, but don't become complacent. The people you are working with do not generally hold the purse strings... they just want you to get their job done!
So how do you get paid? You just let the accounts department deal with it... then what happens? They are struggling to understand the complicated process that your Client has in place and no money is coming in. Your Company is funding a project for your Client to the detriment of your cashflow.
You then have to have an embarrassing/uncomfortable conversation with your new best friend to ask if they can help. But... they don't get involved with that, they leave it to their accounts department... just like you!
Your now under pressure to assist the accounts department in understanding what needs be done to in order to get your cashflow back on track - time wasted for you and for them.
So, let's go right back to the beginning... how can you avoid this situation and ensure it never happens again?
Extend your Client on-boarding process to include your very valuable accounts department to ensure they understand the process of your Clients supplier system!
When you are chasing a new Client it's generally all about your Company and what you can do for them, but what requirements do they have/need for you to become a supplier to them? Have you checked? What is it going to cost? Can it be achieved? Are you wasting your time? Is your Company ready/able to service the Client on a process level?
You start off with your own terms and conditions, payment terms etc. How many times have you received a Contract following an order from a new Client that you wasn't aware was coming? Why should it be a surprise? What if your Insurers throw it out and you've promised the Client that you can deliver?
Panic, stress - all unnecessary!
Spend the time at the very beginning getting to know your Client and I don't mean your new best friend, I'm talking about the Company... it's processes, it's standards, it's own terms and conditions, it's requirements of you as its supplier.
However, you're probably thinking that that's more time wasted by you, NO! You have worked hard on this new opportunity but it's now time to introduce your Team. The relationship is not only with you, it is for the Company to also develop a relationship.
Introducing your Finance Director, Financial Controller, Accounts Assistant, Business Support Manager, whoever it may be that needs to understand the Clients supplier system to ensure you get paid for the project you have worked so hard to secure - is the best process for your Company to follow!
Your accounts department is not an overhead... they are a very valuable asset!
These Blogs are my own personal opinion and are only based on my own experiences, please feel free to comment your agreement or disagreement but I take no responsibility for actions taken as a result of my blogs. I also apologise in advance if you find the content offensive or inappropriate.