Forming strong relationships in every area of life is an essential factor when it comes to success. As a business owner, the relationships that you have formed with other people in different areas of your life can be a stable foundation for creating good relationships with your clients. However, it’s not just great customer service and a friendly demeanour that you need when it comes to improving client relations in your company. For many clients, it’s important to know that they are doing business with somebody who takes their finances seriously – after all, if they are going to be handing over their hard-earned cash to you, it’s important for them to be able to trust you in this department. Here are five finance tips that can help you to improve your relationships with your business clients.
Tip #1. Send Electronic Invoices
If you invoice your clients for the work that you do for them, then it’s important to ensure that the invoicing process is as effortless as possible for them. Today, paper invoices are quickly becoming a thing of the past. Not only are they a waste of paper but they usually also take longer to settle since both you and your client will need to wait for it to arrive at their desk. Once they’ve received the invoice, they’ll then need to remember to make the payment – this can be all too easy to forget about if they’ve stashed it at the bottom of a pile on their desk for later. Instead, electronic invoices are a quicker and more convenient solution – they allow your client to instantly find out how much they owe and make the payment straight away with just a few clicks.
Tip #2. Accept Faster Payments
When it comes to transferring money between yourself and your clients, both of you will want to get your funds as quickly as possible. However, in today’s day and age, many clients won’t be carrying cash on them all the time, so it’s good to offer a quick solution to transferring money – whether it’s payment for goods or transferring money back to your client for the purpose of a discount or refund. Setting up a business bank account that accepts faster payments will ensure that you receive your money straight away; this is also better for your client as it means less waiting time for the product or service.
Tip #3. Offer Several Payment Options
Today, there are so many different ways to pay for things that it can become a bit confusing when trying to work out which will be the best ones to offer. To keep your clients happy and build the strongest of relationships with them, it’s a good idea to offer a wide range of different payment options. Some popular options include cash payments, credit and debit card, direct debit payments for regular services, or online payment options such as PayPal. Cash payments and PayPal are easy to set up, but for direct debits you should consider investing in automated software. If this option is something you want to look into, take a look at the information supplied by the following direct debits provider for more details: https://www.accesspay.com/payments-technology/direct-debit/.
If your clients tend to pay you in person, then it’s a good idea to open a merchant account so that they can pay with their debit or credit card. Contactless payments, including Apple and Android Pay, are also growing rapidly in popularity.
Tip #4. Offer Free Returns
If you sell physical goods to your clients then another way to ensure that you build a good relationship with them is to offer free returns and hassle-free refund processes for all items purchased. Clients and customers who need to pay to return faulty or unsuitable goods are less likely to purchase from your company again in the future. Therefore, offering free returns and no-quibble refund policy can actually help improve the profit margins of your business, too.
Tip #5. Offer Loyalty Discounts
Finally, one of the best things to do to build good relationships with your customers when it comes to finance is to help them save money. By offering loyalty discounts, you can not only build better relationships with your clients but you can also improve your business’ client retention rates since they will be more likely to return if there is a reward available for doing so. For example, you might want to give your clients a free product or a percentage off their bill after they place a certain number of orders with your company.
Did you find these tips useful? Let us know in the comments.