You know something that makes people uncomfortable to talk about? Money. You’ll notice now, if you haven’t already, people hate talking cash. Payment is weird, fees are awkward, and payment disputes are downright painful. While there is a comfortable and productive way to chat about cost and money collection, there’s an even easier way to get right to work and get to dodge all of the mess. Avoid payment disputes and make the transfer of money a straightforward process. There are a few ways you can do this, and all of them are pretty easy adjustments to make if you’re not already utilizing these principles.
The first thing to think about is if you need a package disclaimer with your product itself. Providing a disclaimer acts as a cushion between you and something that could go wrong.
There are different elements such as safe handling warnings, that will give you some protection (it is worth noting that this is not absolute protection considering you can still be sued for dangerous packaging, manufacturing, design, etc.) against things like someone, for instance, misusing the product altogether.
Insurance and an LLC are both things that all businesses should have to limit their liability to their business anyway, so the next level is to include a package disclaimer to be sure that you are as protected as you can be, avoiding the only thing worse than just a money dispute, but a legal one.
You can also limit the issues you’ll have with money by keeping a thorough and consistent record of your sales, returns, invoices, expenses, and absolutely everything.
Some programs can do this for you, it’s just up to you to input receipts and make sure that all payable debts are settled, and you’re delivering what you sell and keeping track of it. It sounds like a simple concept at first, but so often, companies can’t work out who is correct in an issue plainly because they don’t keep good enough records.
This means everything from the business dealings you do as output and also the people you employ. It’s just a good and amicable idea to keep records to focus on the business and not trying to do due diligence after the fact. You’ll always be playing catch up.
The last concept we’ll cover here is the importance of policies.
Think of policies as the figurative sign on the wall saying: “We reserve the right to refuse your business.” Except it says things like: “We don’t accept returns after 14 days.” And “It’s not our responsibility if you break it, but it is if it comes damaged.”
In different words, but you get the picture. The idea is to have a baseline of rules to handle most problems you might incur systematically.
Money is awkward sometimes, but it doesn’t have to be, especially if you’re implementing the use of policies appropriate for your business and streamline your process to keep the money talk to a minimum and the money exchange to a maximum.