Five ways to get paid faster

Is your small business caught in a cash crunch? Consider these steps to get customers to speed up and cut that cheque.

Getting customers to pay on time is one of the biggest challenges for entrepreneurs as the economic recovery drags on. And when the problem persists too long, it can ultimately shut down your small business.

Dawn Fotopulos, small business consultant and founder of Bestsmallbizhelp.com, addressed this financial headache with business owners at the New York Times Small Business Summit this week in New York. Here are her best five tips for getting paid faster.

1. Send invoices ASAP. It is all too common for business owners to finish their work for a customer and neglect to submit a bill. “You can’t believe how slow small business owners are at getting their invoices out,” Fotopulos says. “And the truth is the client has no obligation until they receive the invoice.”

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