It seems the Internet is overrun with information re: mortgages for bad credit borrowers.
Of course, this isn’t surprising considering the overall economic climate (and the recent real estate meltdown) here in the United States. With unemployment and foreclosures at or near record levels, there is a genuine need to help those who’ve stumbled financially regain solid economic footing.
As a result, many savvy mortgage companies have come to market with products that promise to make mortgages for bad credit borrowers more available. While these mortgage programs may serve a legitimate need, borrowers still need to make sure they do some due diligence before signing on the dotted line.
In other words, regardless of your current credit rating – you should still thoroughly research any mortgage provider before placing your trust – and financial future – with them. Comparing interest rates and doing research on the company in question is a good place to start.
Also, don’t be afraid to go with your gut – if someone is offering or promising you something that seems too good to be true – odds are… it is.
Your sales are looking good and you’ve been working harder than ever. You pat yourself on the back with a huge congratulations because all that hard work to grow your business has finally paid off. And then you take a look at your bank account — which tells an entirely different story. Slowly you shake your head and wonder why there’s just not enough money to pay the bills.
Because you, like many small business owners, forgot that you have to get paid to have a real business. That typically means issuing invoices and waiting for payment. Perhaps you’ve forgotten to bill for what you sold or maybe past due invoices are collecting dust in a corner. It’s time to turn that around right now. Here are six tips you can implement right now to get you on the right track.
Don’t be an invoice laggard — If you must issue invoices to collect your fees, make sure you get them out the door as soon as the work is done.
Set up drip payments — When you negotiate a contract to complete work, set it up so you get paid by deliverable. That way you have cash coming in the door periodically rather than waiting until the project is done.
Hold the goods — If you provide a service where you can place the deliverable in a transition state before final delivery to the client, do it. Give them an opportunity to give the project a final okay followed by payment before you release the product.
Offer discounts — Provide an incentive for your customers to pay their bills. If you normally require payment within 30 days, offer a small percentage off (5% to 10%) if they make the payment in 15 days. Everyone wins with this strategy.
Get on the phone — If payment is due from customers within 30 days and you’ve reached day 31 without a payment, call the customer pronto. The sooner you take action, the sooner you’ll get your money. Old invoices don’t die, they just become noncollectable.
Diversify payment methods — Give your customers options for paying you. Offer check, credit card, paypal, money order, and cash (yes!). The more options you offer, the less excuses people have for not paying.
So there you go. Six things you can do today to start improving your cash flow. And here’s a bonus tip. Never forget that your company is not a bank. Whenever you do work and wait to collect payment, you are actually floating a loan to your clients. Do whatever you can to turn that around.
You can find more cash flow tips and tactics at Denise O’Berry’s cash flow blog.
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Details for the Cash-for-College Sweepstakes:
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a book about how to get, manage and keep your cash flow on an even keel and where it belongs — in your business.