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269: š¦ āI am not a bankā ā Strategies for Getting Corporate Clients to Pay on Time with Joey Coleman
Manage episode 401941718 series 2897178
āI donāt get on the airplaneāand definitely not the stageāunless all invoices are paid in full.ā
When my friend and fellow keynote speaker Joey Coleman said this to me over coffee, I started drilling him for details: Really?! How do you have the nerve to say that to a speaking client?! How do you avoid caving in to make sure their event doesnāt fall apart if they havenāt paid in time? What about clients who work for highly bureaucratic companies that insist on their āstandardā net-120 terms?
In this illuminating conversation, Joey shares his best practices for getting paid on timeāevery time by setting, stating, and upholding better boundaries (and contracts) with clients.
More About Joey: As an award-winning speaker for over twenty years, Joey Coleman works with organizations around the world ranging from small startups to major brands such as Volkswagen Australia, Zappos, and Whirlpool. His First 100 DaysĀ® methodology fuels the remarkable experiences his clients deliver and dramatically improves their profits.
š 4 Key Takeaways
- āYou should care a lot about what a few people think.ā For Joey, itās his wife, his children, his closest business advisors, longstanding clients. āI donāt want my creativity hampered by one personās feedback.ā
- āYou need to know how to ask for the money.ā Gem from Joeyās dad growing up on the most important thing to know when running your own business, about having confidence when you state the price and terms of your services without wavering.
- Donāt raise your prices just for the sake of raising them; however, as your expertise and capabilities and the cost of living and costs of running your business increase, there is a necessary understanding that prices will go up. Right before he hit send on a proposal, he would stop, go back to the original contract and raise the fee by ten percent.
- Price is something you pay at the grocery store; investment is something you are going to do to grow your operation and make it better. You will invest with me to grow your returns, and it will continue to pay dividends. As a speaker, you need to be clear on the return on investment that youāre promising.
š Permission
It is unbelievably challenging to start and run your own business. Because you are so bold to do that, give yourself permission to courageously set your boundaries. The more clear and comfortable you are stating how to work with you and holding firm when pushed, the happier you will be as a business owner, and the longer you will be in business.
ā Do (or Delegate) This Next
Try Joeyās approach to sharing the investment for working together. List a range on your website, and the first time your desired client learns how much it costs to work with you should be hearing it from you, not reading a document.
š Resources and Books Mentioned š
- Joey on the web, X (Twitter), LinkedIn
- Never Lose an Employee Again: The Simple Path to Remarkable Retention
- Never Lose a Customer Again: Turn Any Sale into Lifelong Loyalty in 100 Days
- Free Time: Lose the Busywork, Love Your Business
- Pivot: The Only Move That Matters Is Your Next One
š§ Related Episodes
- Joeyās podcast: Experience This!
- Free Time: 083: Breaking through Buyerās RemorseāNever Lose a Customer Again
- 201: Never Lose a Team Member Again with Joey Coleman
- Pivot: 155: Becoming a Successful Speaker with Grant Baldwin
š Check out full show notes and share with friends: https://itsfreetime.com/episodes/269
Learn more about your ad choices. Visit megaphone.fm/adchoices
287 episod
Manage episode 401941718 series 2897178
āI donāt get on the airplaneāand definitely not the stageāunless all invoices are paid in full.ā
When my friend and fellow keynote speaker Joey Coleman said this to me over coffee, I started drilling him for details: Really?! How do you have the nerve to say that to a speaking client?! How do you avoid caving in to make sure their event doesnāt fall apart if they havenāt paid in time? What about clients who work for highly bureaucratic companies that insist on their āstandardā net-120 terms?
In this illuminating conversation, Joey shares his best practices for getting paid on timeāevery time by setting, stating, and upholding better boundaries (and contracts) with clients.
More About Joey: As an award-winning speaker for over twenty years, Joey Coleman works with organizations around the world ranging from small startups to major brands such as Volkswagen Australia, Zappos, and Whirlpool. His First 100 DaysĀ® methodology fuels the remarkable experiences his clients deliver and dramatically improves their profits.
š 4 Key Takeaways
- āYou should care a lot about what a few people think.ā For Joey, itās his wife, his children, his closest business advisors, longstanding clients. āI donāt want my creativity hampered by one personās feedback.ā
- āYou need to know how to ask for the money.ā Gem from Joeyās dad growing up on the most important thing to know when running your own business, about having confidence when you state the price and terms of your services without wavering.
- Donāt raise your prices just for the sake of raising them; however, as your expertise and capabilities and the cost of living and costs of running your business increase, there is a necessary understanding that prices will go up. Right before he hit send on a proposal, he would stop, go back to the original contract and raise the fee by ten percent.
- Price is something you pay at the grocery store; investment is something you are going to do to grow your operation and make it better. You will invest with me to grow your returns, and it will continue to pay dividends. As a speaker, you need to be clear on the return on investment that youāre promising.
š Permission
It is unbelievably challenging to start and run your own business. Because you are so bold to do that, give yourself permission to courageously set your boundaries. The more clear and comfortable you are stating how to work with you and holding firm when pushed, the happier you will be as a business owner, and the longer you will be in business.
ā Do (or Delegate) This Next
Try Joeyās approach to sharing the investment for working together. List a range on your website, and the first time your desired client learns how much it costs to work with you should be hearing it from you, not reading a document.
š Resources and Books Mentioned š
- Joey on the web, X (Twitter), LinkedIn
- Never Lose an Employee Again: The Simple Path to Remarkable Retention
- Never Lose a Customer Again: Turn Any Sale into Lifelong Loyalty in 100 Days
- Free Time: Lose the Busywork, Love Your Business
- Pivot: The Only Move That Matters Is Your Next One
š§ Related Episodes
- Joeyās podcast: Experience This!
- Free Time: 083: Breaking through Buyerās RemorseāNever Lose a Customer Again
- 201: Never Lose a Team Member Again with Joey Coleman
- Pivot: 155: Becoming a Successful Speaker with Grant Baldwin
š Check out full show notes and share with friends: https://itsfreetime.com/episodes/269
Learn more about your ad choices. Visit megaphone.fm/adchoices
287 episod
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