Money Love CLARITY and Money Flows Through People
If you don't have clarity about your money, how can you expect others to have it and pay you for your goods or services? People can sense confusion. And by “people” this includes bankers, government agencies, the IRS, as well as your customers or clients.
There is a person behind every system that allows money to FLOW to you. This person has to make a decision or take an action so that you can GET PAID. The clearer you are with how you present your data or offer, the easier it will be for them to pay you.
For example, when someone visits or website or contacts you, it is CLEAR how they can purchase your offerings? If you are applying for a loan or government funding, is your data CLEAR and do your numbers make sense?
Everything I share (and teach in my courses and weekly strategy sessions) is with the goal of helping people transform CONFUSION into CLARITY. This clarity will flow from you to those that want to buy from you. It’s a clean, seamless cycle that supports your FLOW of abundance.
Make it CLEAR and EASY to Get Paid
This following example may seem basic, but it’s common. Not giving clear and complete data on your invoices is a waste of time and causes a delay in the payment process. No one wants that!
Every invoice should have, at the minimum, the following:
Clear description and price of services rendered
Total amount due and by when
Clear instructions of how to pay, preferably with a link of how to pay online directly or via Zelle, Credit Card, ACH, etc.
Complete business information; name, address, phone number, and email in case your client (or their bookkeeper) needs to contact you.
Tax ID Number on the invoice or Form W-9 with this information, attached to the invoice (for new customers). Note: if you are still using your SSN as your Tax ID Number, instead of an EIN, then do not include this information. Keep your SSN private and get an EIN as soon as possible!
In addition to giving clear data to your customers and clients, it's equally important for government agencies, bankers, etc as well. The most common errors I see on loan or grant applications are:
Incorrect EIN (confusing the SSN with EIN)
Incorrect Choice of Entity (i.e. you have a Corporation but check the “LLC” box by mistake)
Incorrect (or transposed) bank account number and/or routing number (this will cause all electronic payments to be rejected)
Solution
I am big on leveraging technology so that I do not have to leverage my time! This includes time spent looking for the same data over and over. I teach some of my favorite tricks (and provide templates) in my courses/weekly sessions, but for now you can literally just start your own “Master Data Sheet” sheet, print and/or and save it in electronic format so that it is easy to access. This form should have all pertinent details (as what is required on a IRS form W-9), as well as your incoming payment instructions. Just start there for now! You really shouldn’t have to call your accountant for your Tax ID number or your bank’s wire instructions. Have this information handy!
SBA EIDL Loan Updates
In my last newsletter, I mentioned that on On Tuesday, April 6th, the maximum loan amount was increased from $150,000 to $500,000. The SBA emails inviting requests for additional loan amounts started going out this week. Keep an eye on your email! If you have an existing EIDL loan and want more funding, you must request it and provide information from the email. Check your SPAM just in case the invitation went there.
We covered specifics of the new changes to the EIDL and PPP in our most recent Weekly Strategy Session. A benefit of being a member is that you have access to all previous sessions in the library.