Payments and Clients

As part of your business plan you need to write up a procedure for dealing with your clients and payments.
How do you want to receive your payments?
When are you going to invoice your clients?
With once off jobs/tasks I would suggest you start of by asking for a 50% deposit before starting work, then on completion of the task and the client has came back to say they are happy with the work then you send an invoice. Do not start the work no matter how urgent before receiving your 50% deposit. Your payment is also important as is the clients work.
My clients have 10 days to pay me from date of the invoice. If that client has not paid me I then follow up and keep following up until payment is received. With once off clients you invoice on completion of the job, not at month end. You point out your payment terms to the client and ask nicely when you can expect to receive payment, especially so when you work with subcontractors as those contractors need to know when they will be paid.
If I take on a client and they become  regular clients I then move the payments to monthly payments. I try to get my invoices out around 28/29 of the month, I try, its not always possible as often I can be too busy. Invoicing is important and I try to maintain that (try).
My monthly clients either pay on receipt of the invoice or within a few days. If the clients dont pay I send a friendly skype or email reminder. Our clients can also be just as hectic as we are.
Note: we will get the clients that do not pay, that is an accepted part of the job and part of every business.
Have payment terms on your invoice and as part of your terms and conditions in your clients contracts.
There is no need to be afraid of invoicing your clients, its is part of dealing with clients and part of doing the work for clients, you are a business owner and you must think as one.
Keep track of all your invoices, payments in and out, its important to know how much you earn and what profits you are not making or are making. You need to know where your company is financially at all times. Your basic bookkeeping must be part of your monthly procedures for your business.

Is the Recession hurting Virtual Assistants

How are you feeling as a virtual assistant during this recession, that is hitting us wordwide?
Is it hitting your business?
What affects has it had on your business?

This is my take on the recession and purely my opinion.

Companies are downsizing especially so with office administration staff, this is not just happening within South Africa but worldwide. This to me opens the way for virtual assistants and transcriptionists to find work. Companies will need their office administration done no matter what. Tasks like company invoicing, accounts, typing, company correspondence, arranging meetings etc. We as virtual assistants can handle these tasks and help keep the company administration under control.

To get these types of jobs it would be wise for virtual assistants to send out company brochures and introduction letters to prospective clients, start with the types of small businesses that could downsize easily then move on to larger corporates, what harm does it do to let companies know you are out there willing to assist in this time of recession.

Clients are contacting me around three to five times a week for quotations so that proves there are potential clients out there looking for support from virtual assistants. They are hearing about us through the continual advertising/marketing we do. But the problem is they are only hearing from a small percentage of us, a small percentage of us appear in advertising everywhere, where everyone else advertises, does there marketing, I don’t know as you are not being seen. To me if I was you I would see that as a problem. A virtual assistant’s aim should be to get her details out there so that corporates, businessmen, entrepreneurs can see her, but this does not seem to be the case. So I would say the veterans of the industry like myself are the ones who are benefiting the most during the recession. The one thing that I can do as I do have a full business of clients is contract work out to newbie’s and assist them this way, but that should not be the way newbie’s find work, they themselves should not rely on veteran VAs to give them work but should go out and look for potential clients. You will not receive full pay for a job that you would if you had the client yourself and as a contractor you will not make much money working for other VAs, so to me that is to your disadvantage. Go and find clients and make the money you could earn. Take advantage of the recession with companies downsizing that are now outsourcing and present them with your details. Get out there and be seen.