Belding Business Financing Solutions

Rest in Peace to all those conversations that ended once I mentioned fee for service.

Managing cash flow and specifically Accounts Receivable has always been a challenge for most businesses. The day of credit terms are long gone, possibly when purchasing inventory but that is no doubt only 7 days with an automatic debit to your account. I have always followed the practise of issuing a letter of engagement (essentially a contract) outlining the product or service that I will be providing and once delivered the full payment is due upon receipt of the invoice.... This has worked in 95% of the time. I strayed away from seeking retainers but now revisiting that concept again after a few of my accounts went into hiding. A client changing their mind after the work is done, by the way not advising me, is not a reason not to pay the invoice. Even better yet, the response might be when business picks up "if" they will start up again, and then be able to pay the invoice. No reason again, once they have received the product or service. With what is happening now in the world, many businesses are on both sides of the paying and collecting amounts due. The amount due is relative to the size of the business and if it only happens once in awhile it is still too many times. The day of good faith and integrity I hope is still in use today but let your judgement be the guide. See more

Effective communication is key to the success of any business, through social media, even telephone or any electronic communiques. Pay attention to the way you communicate to the public and your customers.

I have no problem paying income tax on self employed income. The issue I have once you reach 65 is when CRA claws back pension income (repaying social benefits) in addition to remitting income tax. Working past 65 is a disincentive.

Know your strengths and identity your weaknesses when making business decisions.