Negotiating Successfully to Collect Your Cash: Tips for Business Professionals

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Presenters

Patricia Iyer is president of Med League Support Services, an independent legal nurse consulting firm that provides services to two market segments that pose collection challenges: attorneys and insurance companies. She has a Masters Degree in Nursing and is a certified legal nurse consultant (LNCC) from the American Association of Legal Nurse Consulting. She has taught thousands of nurses, physicians, attorneys, and paralegals in live programs, teleseminars and webinars.

Greg Williams is an expert in negotiation. He has a vast degree of experience in coaching, training and assisting consultants, business professionals, and business owners in the fine art of how and when to utilize tactics and strategies when negotiating. He has over 500 published articles on negotiation to his credit, and is the author of the book, Negotiate: Afraid, ‘Know’ More. As a business owner since 1993, Greg has an extensive background in management and business operations. He is an author and presenter, with a background in politics (having run for political office) who has mastered the art of negotiation and is a recognized public speaker and trainer on that subject matter. Greg has spoken before and trained countless number of people in corporations, and individuals, on how to become savvier negotiators. He has negotiated many multi-million dollar deals, on behalf of his clients. (See also Greg's teleseminar, "Negotiate Your Way to Success".)

Pat's video testimonials

Greg's video testimonials

What people say about Pat Iyer: (see also Pat's video testimonials)

"You are definitely the one and only leading expert in the field."
Dolores Austin JD RN Phoenix, AZ

“The highlight of the AALNC conference was meeting you - at last! I have so deeply admired your brilliance and vast amount of knowledge that you so willingly share. You have been such an inspiration and fountain of information- I was quite awestruck- you're like a rock star of the LNC world! You have this amazing ability to leave the listeners at the edges of our seats”
Laura Johnston RN, CRRN, CWS, FACCWS, Pittsburgh, PA

“I had the pleasure of collaborating with Pat on a joint project. She did what she promised, delivered great advice (personally and for the project), and brought a constructive, thoughtful attitude every time we met. I recommend her work unconditionally. Best of all, she has a wonderful sense of humor. The world needs more people like Pat.”
Alex Brown President and CEO (Chief Everything Officer), Real-Life Projects, Inc. Princeton, NJ

 
What people say about Greg Williams: (see also Greg's video testimonials)

“If you haven't heard Greg speak you should. Today's economy seems to have given people the excuse to try and negotiate everything. Greg gives insight on how to use negotiation in everyday situations to achieve the outcome you desire. He truly is The Master Negotiator.”
David Steel, Keynote Speaker, Author and Coach, The Steel Method

“Greg, the tips you give on how to save lots of money on anything you buy, or make lots of money on any service or product you sell, are indispensable.”
Les Brown (Internationally known motivational speaker)

“Mr. Greg Williams or ‘The Master Negotiator’ as the world knows him, is an expert in the craft of negotiation. I had the opportunity of inviting Greg to be a guest on the A New Day Cable TV Show; and the information he presented surpassed our expectations. Greg lives up to the title The Master Negotiator...because he is indeed a "MASTER" at negotiating; my format for the show is conversational...and the conversation/interview went smoothly for three segments which is equal to ninety minutes of conversation. The ratings go up when these episodes are aired.”
Daphne Clarke-Hudson PhD hired Greg as a guest on a TV show.

Greg's Blog

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Additional Resources

Greg’s Negotiation Blog

 
Negotiate: Afraid, 'Know' More - How To Negotiate Your Way To Success
Greg Williams, The Master Negotiator
Discover inside negotiation strategies and tactics you can use to create more opportunities in your life. If you want strategies you can use to get a job, a raise or a promotion, get higher fees for your products or service, buy a property at a lower price, sell a property at a higher price, or get the love of your life, the strategies in this product will give you great insight into how to accomplish your goals, quickly.

What people are saying about the product:

This book will put thousands of dollars in your pocket in no time.
– George C. Fraser (Noted networking guru)

Usual price: MP3 or Ebook: $39.94 Webinar special price: $29.97

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Buy Ebook

 
Men and Women Do it Differently—Negotiate, That Is!
Greg Williams, The Master Negotiator & Mary Redmond
Discover the subtle differences of how men and women negotiate, and how you can get more out of life, as the result of knowing how to better interact with members of the opposite sex. Just released in 2010

This MP3 will allow you to get insight into how to get members of the opposite sex to give you what you want.

Usual price: MP3: $29.97 Webinar special price: $19.97	Buy MP3
Get Negotiate: 'Know More'! and 'Men and Women Do it Differently — Negotiate, That is! Buy both for $44.97! (save 10%)	Buy MP3 & MP3	Buy Ebook & MP3

Related Article

Negotiating Successfully to Collect Your Cash:
Tips Business Professionals Need to Know To Avoid Financial Chaos
by Greg Williams

Regardless of the profession you’re in, if you’re in business, this could happen to you.

• Clients request services for which they cannot pay.
• You provide services, and then struggle to obtain payment.
• Slow payers strangle your cash flow.
• Payment issues poison your relationships with clients.

It doesn’t have to be that way! The way in which you engage a client relationship at the outset of the relationship, to a great degree, dictates what will occur in the relationship, and how resolution will come about when there are challenges. This article delves into some of the aspects that you can control to ensure you and your clients do not end up in a negative situation, as the result of their inability to compensate you for your services.

1. Know with whom you’re dealing:
   1. Many problems can be averted by not dealing with some people or organizations. Just because someone wants to conduct business with you doesn’t mean he is a fit to do business with. If he admits to having financial challenges during your initial contact, you should consider the benefits of doing business with him and the potential hardship that such actions may have on your business. If you have had difficulty collecting money from him in the past, be particularly cautious. You should note this in your database so that if the client returns for more services, you will be forewarned.
   2. Weigh the current financial situation that the client may have and recognize the possibility that there may be a collection issue. If it appears that such a situation may loom, install safeguards (i.e. collecting more funds up front, keeping the client on a shorter payment leash, and promptly taking action if payment issues arise). In essence, ask yourself if you have the willpower, staying power, and firepower (resources) to chase a debtor.
  
2. Establish Rapport:
   1. Once you’ve evaluated the potential risk of a financial default, if you decide to engage in a business relationship with the client, create a mutual relationship built on trust, respect, and the fact that you need to have funds to keep your business running. Set up the expectation at the outset of the relationship that you expect the client to be a good payer.
   2. When you are creating a genuine bond with your client, don’t allow the client’s financial problems to become yours. Don’t act as a bank for your client. In essence, don’t inject empathy into the relationship when the client begins to tell you his or her financial tales of woe. During such times, you’re setting up the relationship and how interactions will occur. Set the stage appropriately.
 

3. Recognize Excuses:
   1. When some clients are on the verge of experiencing financial challenges, they may begin to hoard resources in an attempt to sustain their own livelihood. It’s at this point that you must become insistent about receiving payment and put a process in place to monitor future payments. Don’t be caught up in giving more services, with the thought that if you don’t, it will hasten the demise of your client’s operations and encourage him to pay his bills more quickly.
   2. Note body language (nonverbal communication). By possessing the ability to read body language and listen to the nuances of speech, in person and over the phone, you can gain insight into thoughts that clients may not verbally disclose. Such insight will allow you to have a better glimpse into the real situation with which they may be dealing.
 

4. Use Negotiation Strategies:
   1. Numerous negotiation strategies can be employed to counter other strategies that a client might present. The more strategies you’re aware of and use in the appropriate situations, the better positioned you’ll be to thwart the efforts of a client who may have funds, but wish to apply them for other purposes.
   2. Identify points upon which you can apply leverage. As you progress in the relationship with your client, be attuned to opportunities where you may be able to apply points of pressure, should a lack of payment make such actions necessary. When possible, withhold delivery of services until they are paid for - in advance. For example, don’t turn over a report until the invoice is paid in full. Ask for a retainer for your services and work until the retainer is depleted before asking for another retainer in order to continue to provide services. Be particularly sensitive to the client’s deadlines to provide information based on your services, as these occurrences often supply leverage opportunities. Have a policy in place that allows you to apply interest to unpaid invoices. Use the assessment of interest as a negotiating tactic: “If you pay this bill in full by the end of this month, I will not apply any more interest.” If the client doesn’t want everyone to know he has a payment situation, you may consider informing him that it’s your responsibility to report such actions.
   3. Offer a promotion whereby you give the client a payback bonus (rebate) at the end of a specified period if the client remunerates funds, in the manner specified by the agreement. (This becomes a cost of doing business, which means, it’s a cost incorporated in your overall pricing). Be careful how this is structured. For example, offering a 5% discount for quick payment of a bill may result in a client subtracting the discount from the check, but not submitting the payment within the time frame needed to earn it.

Client relations can be strained when payments become contested. Such actions can obviously lead to bad blood between you and them, which could cause your business to incur financial hardships. In order to avoid such situations, choose your clients the way you’d choose your friends. If a client who was previously a prompt payer does not pay a bill, consider this as a danger sign that something is wrong. Has the client run into cash flow issues? Is the client unhappy with the services? Plus, always keep in mind that a certain amount of business will go bad. Thus, the better you manage the potential for bad clients, the more enhanced your bottom line will be … and everything will be right with the world. Offer payment plans that are acceptable to both you and the client, for example. Giving the client some flexibility may strengthen your relationship and result in loyalty to you and your organization. Remember, you’re always negotiating.

Tips:

• Learn to strike a balance between disagreeing and being disagreeable. Try never to create a situation that becomes unmanageable, due to slow or non-payment. Maintain an attitude that conveys the belief that your client will do his best to complete payments on time.
   
• To the degree you can, engage the client as a friend, while maintaining the integrity of the business relationship. If a point occurs when you must discuss a payment situation, personalize yourself and speak from the financial discomfort that such an occurrence will have on you and your business.
   
• In considering with whom you’ll do business, think about the potential future ramifications of engaging in a business relationship with any entity. In some cases, there may be stop signs at the outset. Notice them, take action on them, and avoid getting burned twice.