How does a time reservation fee get you more business?
Including a time reservation fee in your contracts helps you get paid upfront, look more professional and improve how others view you.
You often hear me referring to a Time Reservation Fee. This is something I recommend all my clients put into a contract.
I’m really passionate about this and I know as a new business, or a company which hasn’t used a time reservation fee before you might be slightly dubious about putting in your contract but absolutely do.
Appearing more professional
Getting a time reservation fee makes you appear more professional. It helps you stand out amongst the crowd the crowd because you’re saying:
“If you want me, you need to reserve my time otherwise you may not be able to have me at a time that’s suitable for you. You’re saying, I’m professional and I’m aware time is something I can’t get back and I’m trusting you to use my time wisely, therefore you need to reserve my time.”
It also gives you confidence that if someone has booked that meeting or training course, that they’re going to turn up. You’re not going to be sitting there for two hours waiting for someone to turn up.
If you get this right, have the confidence and self-belief in it, the impact it will have on your cash flow is massive, if you think about it.
One of the recent contracts I wrote for a coach included a time reservation fee of 50%. She used this contract with a large corporate client, invoiced them for the time reservation fee. Then, their accounts department wrote back and said, rather than just paying half of it, can’t we pay for all of it upfront?
Testimonial for incorporating a time reservation fee
A Virtual Business Assistant who is a member of the VIP Group said
“Rachel’s done a cracking job with my terms and conditions and I’m proud to have them out there.
In the Getting Paid Support Group, Rachel has guided us through every aspect of business credit control, invoicing and has provided coaching in how to have those difficult conversations with clients about YOUR money and why your time is valuable.”
You can read Karen’s full blog post here, where she explains everything she has got and continues to get by working with myself.
Imagine how that would feel for you and your business. To have no outstanding invoices and to have everything paid up front and your customer even asking to pay up front.
Getting a time reservation fee in your contract is one of the best things you can do for positive cash flow to your business.