Being a solo practitioner puts you in a position to actually reap the rewards of your hard work, rather than pass a big chunk off to the firm you work for. The flip side of a solo practice is the fact that you are responsible for more, including fee collection (that is, making sure that your clients actually pay). Not to mention the fact that when your practice doesn’t get paid, you don’t get paid. It can be more difficult for small businesses to collect, with nearly 40% of small businesses reporting a slow down in payments.
By employing the following strategies in your solo practice, you can simplify the bill collecting process and increase the likelihood that your clients pay in full and on time.
This article was submitted by Keith Hancock, Cate Terry & Gookins LLC. If you would like to submit content or write an article for the Solo/Small Firm Committee, please email Kara Sikorski at firstname.lastname@example.org.