Ah, being a member of the freelance workforce. The freedom to work when you want. The opportunity to work in your pajamas. Or work from an island in the Caribbean. Charge what you want. Take a vacation when you want (as long as you get your work done, of course).
All of this is true. (It’s also often true as one freelancer once said that “I can work any 16 hours a day I want.”) What else is true? A freelancer’s income can be up and down and all around. You can make bank one month and zilch another.
You, as a hirer of an external workforce, can become the client of choice to your freelancers by doing just one simple thing: paying them quickly, every time they invoice.
Here’s Why You’ll be a Contractor’s Go-To Client
As mentioned above, a contractor’s financial life can be up and down and all around and even sideways. A steady paycheck does not come with the freedom, members of your freelance workforce crave. They, too, have bills to pay. Children to school. Retirement for which to to save.
And they do so while on an inconsistent pay “schedule:” some clients pay after 30 days of invoicing. Some after 90. Some pay as soon as invoiced (bless them!). Some pay….never.
Ask your contractors to invoice you each week or every two weeks for work delivered during that time and then pay them right away. Do so and they will love you forever and a day, because so long as they provide work in the invoicing period, they can count on payments.
The Benefits of Being the Go-To Client
It’s simple: as much as most freelancers love their lifestyle, many freelancers are eager for some semblance of income stability. Most businesses for which contractors work aren’t regular in either providing steady work and/or paying on a set schedule. It follows that if a contractor knows they will receive steady income, they will be loathe to disappoint you and thus risk no more assignments/work from you. If you pay them regularly, why would they ever want to provide you with nothing less than their best work? Answer: they won’t!
How to Pay Your External Workforce Regularly
- Use a vendor management system such as Aysling.
- Either offer them a monthly retainer or ask them to invoice you every two weeks for work delivered in that time frame.
- Ask them to provide you with their bank information so that you can deposit the invoice payment directly into their checking account. (Aysling Vendor Management allows you to transfer funds automatically.)
- Pay them as soon as possible after you receive their invoice.
Done! Happy freelance workforce, happy business owner!
We’d love to help you keep the best external workforce you can find happy and producing great work for you. Learn more about the Aysling vendor and freelance management platform by emailing us at firstname.lastname@example.org or signing up for free with the link button below.