Midwest Entrepreneurs – Who do you know in Indy?
Sep29

Midwest Entrepreneurs – Who do you know in Indy?

Entrepreneurs, who do you know in Indy?

Please share this FREE event with them! 

Check out “TEW Beyond the Book 2.0 – Indianapolis”
11x14
#indiana #entrepreneurs Launch Fishers​ // this Saturday!

 

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Know Your Best (and not so best) Customers
Sep25

Know Your Best (and not so best) Customers

It’s month-end, and you have a stack of bills coming due–both personal and business. So, in somewhat of a panic, you turn to IOUs in an attempt to collect payments from clients–and you actually achieve some success doing so. Having received a few payments (finally), you breathe a sigh of relief, swearing that things will be better next time. But, 30 days later, it happens all over again.

If that scenario sounds familiar, then you’re probably trapped in a continuous and unforgiving cycle of being flush then being broke. I’ve been there, and can tell you that breaking free of it will take some work and a little bit of courage. As you read along, keep the following rule of thumb in mind: It’s better to have no business than bad business.

Cleaning House

Let’s start by managing the things within your control.

  • Track where your money is going and cut expenses where you can
  • Consider reducing time worked by employees or contractors, and try doing more tasks yourself.
  • Research other businesses within your industry to ensure your pricing is competitive but allows for profit. Undercutting your competitors on price might work in the near-term, but it is not always a sound long-term strategy.
  • Contact those holding IOUs to arrange partial payments.

If you’ve done these things and still find yourself struggling, then, and this is where the “courage” comes in, it’s time to monitor and evaluate customer credit history.

Measuring Client Performance

As with traditional lenders, you need to periodically review customer relationships by determining who’s making timely payments and who’s consistently slow. Doing so will help you to determine how you should prioritize projects as well as which clients are probably better off doing business elsewhere. Factors you want to measure include:

  • How much time it takes a client to submit payment
  • How often does a client’s invoice become overdue
  • How often do you need to remind a client that payment is due
  • How valuable is the client, overall

Fortunately, with our invoicing platform, all of this can be done for you. Over time, as you invoice clients, invoicing, collection and payment history are compiled into a Client Performance Report. This report will give you a snapshot of your best clients (and those on the other end).

Based on the client history shown here, service requests from WH IT Services and Fourth Coffee, Inc. would be more deserving of top priority.

Armed with this information, you can more wisely prioritize tasks. You’ll know whose projects work on first–those who pay quickly and need fewer nudges–and you’ll feel more confident that you’ll receive payment shortly after completing the project. You will also be on firmer ground if you refuse to give in to slower clients who what everything NOW, NOW, NOW, but will leave you waiting weeks for payment.

Now, it’s always best to work with every client as much as possible. At some point, everyone has trouble meeting obligations, so it’s fine to exhibit some patience. But, despite your best efforts, there may be times when it’s best to part ways. Yes, this may result in reduced clientele, but that will just encourage you to step up your networking and marketing efforts and acquire new and better business.

 


 

 

About the Author

Louis Green is the owner and senior programmer at Flare Systems, LLC. Flare Systems specializes in web site and application development and is also the developer behind Flare Invoice—a online invoicing web service. After endless hours behind the computer, Louis can be found running, hiking, grilling and just enjoying the outdoors. Louis also wrote a chapter in The Entrepreneur Within You – Volume 2.

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TEW – on the road to Indy!
Sep23

TEW – on the road to Indy!

The Entrepreneur Within You Series Presents…11x14

BEYOND THE BOOK 2.0 – INDY!

Learn from the TEW book series’ contributors live during a candid 1-hour panel interview!

STRATEGIZE. LEAP. EXPERIENCE. EXECUTE.

start-up • legalstrategy • marketing + branding, giving + philanthropy • web analytics • social media marketing • work/life balance
[real talk. real entrepreneurs]

RSVP LINK: http://www.eventbrite.com/e/tew-beyond-the-book-20-indianapolis-tickets-18121426675

JOIN US @ LAUNCH FISHERS – FREE ENTRY!

SATURDAY, OCTOBER 3 • 9:00-11:00AM edt

#BeyondtheBooks


 

[TEW] is a tribute to and a reminder of our community’s commitment to not just inspiring others, but taking actionable steps to turn our dreams, talents, and abilities into fulfilling, successful businesses + helping others along the way.  If looking for a supportive community for entrepreneurs that do even more work than they talk, unleash the entrepreneur within you and join us! #unleashtheBiz

www.tewyou.com

 

LAUNCH FISHERS

We’re located at: 7 Launch Way | Fishers IN 46038

Parking & Entrance

Launch Fishers parking is located to the northwest of the library — a paved lot accessible off of Municipal Drive. Park there and use the path to the red awning with “Launch Fishers” on it. Use the left of the two doors and come in and down the first hall on your right.

 

 

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A Letter to Creatives Not Creating
Sep14

A Letter to Creatives Not Creating

Darling, you’re an artist.

Yup. You are.

Even if you’re not writing/painting/photographing right this minute. It’s in you. Like it or not, you were born with it.

Maybe right now you’re hustling at your 9-5 but your soul is shouting, “SAVE ME!”.

Maybe you want to go big with your art but the STRUGGLE IS REAL! This shit is hard, and you just can’t make a living doing JUST this.

Maybe you have a big dream but you’re too damn scared to do it (it’s ok, you can admit it).

Well, darling, I love you, but you’re WRONG.

You CAN do what you love and make money.

Yup, I said it. And I can say it because I’m doing it. And you can too.TEW38874

Step 1: Stop saying you can’t.

Like, yesterday. You CAN. And you will.

Look at all of the people who HAVE done it, who ARE doing it.

They are your sign that it’s possible. Take that jealousy that you’re feeling and decide right now to turn it into fuel.

When art is in you, your job is to let it out. Let it [the f$*#!@k] out.

Step 2: Figure out how.

Maybe you need a bridge job. Maybe you need to learn about marketing. Maybe you just need to get in the flow.

What you definitely need is to figure it out.

You need to make making it happen your mission.

You only get one life. ONE. And you get to make up how it goes. You are not a victim of your circumstance. You are not your student loans. You are not another person who put her dream on hold to work in a cubicle.

You are the writer. You are writing the story of your life right this minute.

How do you want your story to end?

Make your art.

With love,
Erin


 

 

unnamedErin Lindstrom is the Head Project Manager at Your Hot Copy, a copywriting agency for entrepreneurs and small businesses with soul. When she’s not having her way with words, you can find her chasing her toddlers at the playground, making a fool of herself on stage at Push Comedy Theater, or wasting time on social media (@erinsays__).
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Join us for TEW Beyond the Book 1.0
Sep14

Join us for TEW Beyond the Book 1.0

The Entrepreneur Within You Series Presents…

BEYOND THE BOOK 1.0

Learn from the TEW book series’ contributors live during a candid 1-hour panel discussion!

STRATEGIZE. LEAP. EXPERIENCE. EXECUTE.

start-up • legalstrategy • marketing + branding,
giving + philanthropy • web analytics
social media marketing • work/life balance
[real talk. real entrepreneurs]

JOIN US @ BLUE1647

SATURDAY, SEPTEMBER 19 • 2:00-4:30PM

#entrepreneursUNITE


[TEW] is a tribute to and a reminder of our community’s commitment to not just inspiring others, but taking actionable steps to turn our dreams, talents, and abilities into fulfilling, successful businesses + helping others along the way.  If looking for a supportive community for entrepreneurs that do even more work than they talk, unleash the entrepreneur within you and join us! #unleashtheBiz

www.tewyou.com

Read More