Question: How do you ensure timely payments from clients?

Getting people to pay on time can be difficult, and can frustrate business owners as they struggle to create a reserve large enough to float unpaid invoices. There are many strategies published that address this issue, and how to best manage getting paid in a timely manner.

How do you go about ensuring that your invoices are being paid in a timely fashion?

Coping with Failure

Last week, I asked how you cope with failure, no matter the significance. Clearly, though, the significance of the failed event makes a difference to most people, but successful people have managed to define all failures in one of two ways:

  1. I failed and there was nothing I could have done to prevent it;
  2. I failed because I didn’t take some action[s] to prevent it.

If the failure falls under the first category, then it can be brushed off fairly easily – after all, the failure came about through no fault of my own. Granted, I need to be brutally honest with myself in this assessment, but if I truly believe the failure was not under my control, then it will not hamper my ability to move forward.

If the failure is from the second category, however, then I need to assess what went wrong, and how I can prevent such a failure from occurring again. That is, failure is a way to learn from the past, to create the lessons that will shape the future.

Regardless of whether the failure was due to my actions or not, I cannot allow the failure to impact my future actions at an emotional level. Such reactions will not generate positive actions, and are more likely to result in a downward spiral as logic is removed and emotion begins to take control.

If you want to be successful, look at failure as an opportunity to learn how to improve. While you should not hope for failure, it also need not be a calamity.