Smart Money: Your Payment Terms are Critical to Your Business

What are your payment terms?

Many party planners don't think about things like this, but cash flow is very important to any business.

The company you work with likely uses the standard practice that you pay for your orders when you submit them.

The bottom line is that you should match your company's payment policy.

Here are my payment commandments:

1. Always collect payments at the event. Chasing payments after the event is time consuming and unprofessional (not to mention awkward). Even if your company allows COD, make it your policy to collect payments at the time of sale.
2. Never pay for an order without collecting the payment from the guest or host. You are not a lender. You are a seller. If someone cannot afford to purchase your products today, but can pay for them in their next pay cycle, then you have 3 choices:
1. Have the host pay for their purchase and they can pay the host later.
2. Take their order now, but process it in a separate order when they can pay for it.
3. Book a party with them in that next pay cycle.
3. Process the orders the next business day. This will ensure that guests receive their products in a timely manner.

For your clients, these terms enable you to provide excellent customer service and to deliver orders more quickly. For you, these terms improve your hourly rate (by eliminating calls to chase up payments), make your hosts happy (because they don't have to collect money for you), and keep you from going into unnecessary and risky debt.

Promote your payment terms at your party. If you have not had a policy like this before, or if you have been slack at enforcing it, make a few calls to your next hosts to inform them of your new payment terms.

Wendy Lloyd Curley is an expert in Profitable Party Planning

http://www.wlcenterprises.com/

Business Networking

As a party planner, ongoing learning is an important element in your business strategy. This is why I read books, listen to CDs, and attend networking opportunities.

Yesterday, at one of those networking opportunities, I learned that I didn't know what networking is.

If you've met me, you might disagree with me, 'cause I'm a pretty outgoing and easy to talk to person.

But until yesterday, I really didn't know how to network.

The breakthrough came to me at the Flying Solo Live event during a presentation by successful businesswoman, Kim McGuinness. You can read some of Kim's Flying Solo article contributions here.

So, what is the breakthrough?

Previously I didn't differentiate the two, but I now understand there is a big difference between selling and networking. I know that there is a time and place for each one. When selling, I should share my products and business opportunities, focus on the customer needs, listen to their feedback, and ask for the sale. When networking, I should ask what they do, tell them what I do, and listen carefully to their answers (not plan my next sentence). I should get to know them. If I enjoy their company, I should follow up with them and see them again. If they need information or a contact, I should give them what they need. I should expect nothing in return. When networking, I do not ask for a sale.

Before this breakthrough, I thought that if I left a networking event without business related appointments or sales, that I had wasted my time. I also counted my cards to see how many people I had met. I now realise that even if I only meet one person, discover I have something in common with him or her, and uncover a genuine reason to get back in touch, that I have made a new friend AND grown my network.

Give. Your network will give back.

Do you agree with me? Or do you think my new found networking strategy will be a waste of time? Leave me a comment and let me know.

Make it a great day!

Wendy Lloyd Curley is an Expert in Profitable Party Planning
www.wlcenterprises.com

Do You Walk the Talk?

You need to use your products daily and be a visual supporter of the company and the products to be an effective sales person.

Why?

When you have first hand experience with your product line - not because you should, but because you want to - then you can easily refer people to your products and to your company.

Are you your best customer? Do you use your products? Do you know how the linen feels? Have you personally experienced the benefits of drinking the daily juice? Are you a walking billboard for the clothes? Is your house as clean as it can be with only your product line? Do you make more long distance calls than anyone else you know because your rate is so low?

Moreover, are you passionate about the products? Does it make you happy to see others using the products properly? If someone doesn't have your products, do you have an almost uncontrollable urge to share the benefits with them so that they, too, can see them the way you do?

I know there are some exceptions to the rule. Places where testimonials from others will need to take the place of a personal recommendation. But these are the exception.

You must use your products to effectively sell them.

This has strong implications in your sales techniques.

You want to know something else? If you are personally experiencing party plan (or direct selling) as a real business opportunity, you will sponsor more people. Share your truthfully positive attitude about this business as a profitable, flexible, risk-free, and achievable program and you will attract people to your business. Especially people who love (and use) your product line.

Believe it and it becomes true.

Do you agree with me? Or do you think you can separate personal use (and personal passion) from the business and be successful? Share your opinion. Leave us a comment.

Make it a great day!

Wendy Lloyd Curley is an Expert in Profitable Party Planning
www.wlcenterprises.com

One Step at a Time

All the flowers of all of the tomorrows are in the seeds of today.

~Chinese Proverb

Building a successful business does not happen overnight. It takes daily discipline and small steps.

Today, I invite you to plant some seeds. Simply make 10 phone calls in a row to people you've sold to in the last 30-90 days to ask them if they are 100% happy with what they bought. If they are not, fix it. If they are, thank them for being a customer and let them know you love to get referrals from happy customers. Then tell them to have a great day and say good-bye.

Hmmmm - you didn't ask for anything. You didn't upsell. You didn't ask for a booking. You didn't give them a rundown on the specials. No. You followed up just to make sure they were happy. What a breath of fresh air!

Wendy Lloyd Curley is an Expert in Profitable Party Planning
http://www.wlcenterprises.com/