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Atricle Dump - Time and Billing - Three Methods, Three Results
Because when it comes to public relations, non-believers can produce a double-bummer -- missed opportunity AND a ton of wasted money. It really is a shame because we do public relations to change the behaviors of certain groups of people important to the success of those very Doubting Thomases.And speaking of non-believers, what's the real reason some
The Bottom Line on Time and Billing
Every method of time and billing has its pros and cons. What has proven to work best in the computer consulting industry is to use merchant accounts. This does not mean that time and billing using credit or deposits is wrong, it simply means that the least risky method is the use of credit cards.
Copyrig
How many entrepreneurs have you met who have gone out of business, simply because they failed to keep up with the times and with their competition? Those who refuse to innovate, update and improve, those who fail to reinvent themselves, are doomed to join the ranks of that sad, pathetic group of has-beens that often label themselves as “consultants” and “coaches” and
Time and billing entails payment tracking and invoicing. If you do it right you will get paid well and get paid fast. If you do it wrong, well, you might not get paid at all. Each of the following common time and billing methods have pros and cons as follows:
Time and Billing Through Automatic Credit
With this method of time and billing you grant everyone a certain amount of credit. You're at relatively low risk, what's the most you’ll lose, $250? You attract clients with this method. However, if you don't say what the terms are, most people are going to assume it is net 30. If you are not firm and assertive with this time and billing practice those 30 days quickly turn into 60 days and more. If you extend credit to everybody, odds are you will lose sooner or later. That is not a good thing at all. Despite its marketability this is not a recommended method.
Time and Billing With Minimum Deposits
The second time and billing practice is to require a deposit before starting a project. Typically the deposit ranges from 25% - 50%. If you are really aggressive it’s 100%. Collecting the deposit is often the easy part though. With this time and billing method how do you know when the project is complete? For this time and billing method to work you need to make sure the end point is very clearly defined. You also need to have the luxury of time between engagement and work. What if the deposit check bounces after you’ve started, and perhaps finished, the work?
Time and Billing Using a Merchant Account
This is a preferred time and billing method. The first project is done on a credit card authorization before you even start. A signed proposal or quote is faxed back to you with credit card information. You pay a small fee, 2 ? to 3% to the credit card vendor, but at least you don't have to beg for payment. You don't have to take the risk of not getting paid. You don't have to go through the hassle of checking credit references and taking credit applications for a one-shot deal. The credit card charge can be disputed but this does not typically happen if the work is completed satisfactorily.
The Bottom Line on Time and Billing
Every method of time and billing has its pros and cons. What has proven to work best in the computer consulting industry is to use merchant accounts. This does not mean that time and billing using credit or deposits is wrong, it simply means that the least risky method is the use of credit cards.
Copyrigh
Historically, customer service was delivered over the phone or in person. Customers didn’t have many choices, and switching to competitors was cumbersome. Today, these methods are but two of the many possible touch points of entry for any given interaction. With all the options the Internet brings, competition is literally a click away. If, as has been reported, 65%
With this method of time and billing you grant everyone a certain amount of credit. You're at relatively low risk, what's the most you’ll lose, $250? You attract clients with this method. However, if you don't say what the terms are, most people are going to assume it is net 30. If you are not firm and assertive with this time and billing practice those 30 days quickly turn into 60 days and more. If you extend credit to everybody, odds are you will lose sooner or later. That is not a good thing at all. Despite its marketability this is not a recommended method.
Time and Billing With Minimum Deposits
The second time and billing practice is to require a deposit before starting a project. Typically the deposit ranges from 25% - 50%. If you are really aggressive it’s 100%. Collecting the deposit is often the easy part though. With this time and billing method how do you know when the project is complete? For this time and billing method to work you need to make sure the end point is very clearly defined. You also need to have the luxury of time between engagement and work. What if the deposit check bounces after you’ve started, and perhaps finished, the work?
Time and Billing Using a Merchant Account
This is a preferred time and billing method. The first project is done on a credit card authorization before you even start. A signed proposal or quote is faxed back to you with credit card information. You pay a small fee, 2 ? to 3% to the credit card vendor, but at least you don't have to beg for payment. You don't have to take the risk of not getting paid. You don't have to go through the hassle of checking credit references and taking credit applications for a one-shot deal. The credit card charge can be disputed but this does not typically happen if the work is completed satisfactorily.
The Bottom Line on Time and Billing
Every method of time and billing has its pros and cons. What has proven to work best in the computer consulting industry is to use merchant accounts. This does not mean that time and billing using credit or deposits is wrong, it simply means that the least risky method is the use of credit cards.
Copyrig
Even on a great day at work there are so many things that can go badly. Any little glitch can become a negative, stress-inducing experience: the staff member who arrives late leaving the company short-handed, you placed an order for needed inventory in plenty of time but your vendor shipped to it to the wrong address which caused you to be out of stock, the customer
Time and Billing With Minimum Deposits
The second time and billing practice is to require a deposit before starting a project. Typically the deposit ranges from 25% - 50%. If you are really aggressive it’s 100%. Collecting the deposit is often the easy part though. With this time and billing method how do you know when the project is complete? For this time and billing method to work you need to make sure the end point is very clearly defined. You also need to have the luxury of time between engagement and work. What if the deposit check bounces after you’ve started, and perhaps finished, the work?
Time and Billing Using a Merchant Account
This is a preferred time and billing method. The first project is done on a credit card authorization before you even start. A signed proposal or quote is faxed back to you with credit card information. You pay a small fee, 2 ? to 3% to the credit card vendor, but at least you don't have to beg for payment. You don't have to take the risk of not getting paid. You don't have to go through the hassle of checking credit references and taking credit applications for a one-shot deal. The credit card charge can be disputed but this does not typically happen if the work is completed satisfactorily.
The Bottom Line on Time and Billing
Every method of time and billing has its pros and cons. What has proven to work best in the computer consulting industry is to use merchant accounts. This does not mean that time and billing using credit or deposits is wrong, it simply means that the least risky method is the use of credit cards.
Copyrig
MANAGING SMALL MEETINGS: Keep the size of the meeting as small as possible. The larger the group, the more complicated communication becomes and the more garbled the purpose may get. For example, with a group of two, there are two communication channels, add a third person and six channels have been created. With each additional person, the number of communication ch
Time and Billing Using a Merchant Account
This is a preferred time and billing method. The first project is done on a credit card authorization before you even start. A signed proposal or quote is faxed back to you with credit card information. You pay a small fee, 2 ? to 3% to the credit card vendor, but at least you don't have to beg for payment. You don't have to take the risk of not getting paid. You don't have to go through the hassle of checking credit references and taking credit applications for a one-shot deal. The credit card charge can be disputed but this does not typically happen if the work is completed satisfactorily.
The Bottom Line on Time and Billing
Every method of time and billing has its pros and cons. What has proven to work best in the computer consulting industry is to use merchant accounts. This does not mean that time and billing using credit or deposits is wrong, it simply means that the least risky method is the use of credit cards.
Copyrig
It seems that coaches are everywhere these days.Senior Executives are hiring coaches in increasing numbers, and for a wider variety of reasons.In the past, coaching was viewed primarily as a remedial tool for executives whose careers were skidding. Today more and more leaders use coaches on a consultative basis, for everything from accelerating leaders
The Bottom Line on Time and Billing
Every method of time and billing has its pros and cons. What has proven to work best in the computer consulting industry is to use merchant accounts. This does not mean that time and billing using credit or deposits is wrong, it simply means that the least risky method is the use of credit cards.
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