Is Your Payment and Agreement Plan Losing Money?
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REIB REPORT
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Is your payment and agreement plan losing money?
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If you get paid for a service, collecting that payment is the lifeblood of your company. Without it, growth is impossible! Yet, if you are like the majority of people, you have turned it into an postscript idea. For example, I could get a request from a client I’ve worked with a few times before to review her client agreement. What I see is not only an agreement that feels like a big turn-off, but a payment collection process that makes it less likely that her ideal clients would say yes to working with her.
Here’s How It Worked:
Step 1: Review agreement that says if you are accepted for mentorship, you will charge the full amount and they are responsible to pay it, no matter what.
Step 2: Apply for mentorship and put down a $500 refundable deposit. Now, if you are a potential mentee client, this agreement will turn you off to the point where you are unlikely to put down the $500 refundable deposit. The agreement comes at the wrong part of the process. And, the wording in the agreement itself is overly harsh and does not feel protective enough of clients for you to feel good about signing it.
Keep this in mind. Agreements are in place in your business not simply for your protection, but for the protection of the relationship as a whole.
The presentation in which your agreements are shown and what they say are of critical importance to your relationship with your clients and customers.
In my scenario, I would recommend to my client that we upgrade the language of the agreement to make it more mutually protective, a win/win for all involved. Also, that the agreement would not be presented until after the application was reviewed and the mentee was approved and validated his or her desire to fully participate by signing the agreement.
Here’s How It Works, Now:
Step 1: $500 refundable deposit to get an interview. I approved during the interview, review the agreement together during the interview and solidify the relationship, being sure to point out the places that the agreement protects clients, not just the mentor. If not, refund the $500.
Step 2: Sign an agreement that is a true win/win agreement. Begin long-lasting relationship. This process will enhance sales, ensure the right people enroll in the program, meaning those of who will be most successful with the mentorship will be involved with the mentorship. Your agreement language and the way you present your agreement are a critical piece of you getting paid AND building a business that lasts.
If you would love to have your agreements reviewed, not just for legal compliance, but to ensure they support your marketing and client engagement processes and create better, more profitable client relationships for the long-term, contact us for a comprehensive audit of all of your Legal, Insurance, Financial and Tax systems and we'll include a full contract review in the process.
While being a successful business owner, you don’t want to get caught up in all of this legal mumbo jumbo stuff! Lucky for you, we have created something called the Access Plan, which helps business owners protect their legacy. We can schedule a free Shatterproof Session to get you jumpstarted!
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