Two things that I believe are very serious are your word and money. Your word costs nothing but the value is truly priceless. Money on the other hand is what keeps the bills paid, keeps the electricity on and food on the table.
This business can be quite seasonal and you will have to get quite good at budgeting your money. Or depending on how you take your payments, you will need to be good with your money that way too. Any way you look at it, money is an important thing and not only do you need to be mindful of your own money, but you need to be extremely mindful of any payments you have going out to any vendors.
If you are a planner, for example and one of your duties is tracking payments for your couple, these vendors count on you as a partner that you will help keep the couple on track with their payments. If every time a certain couple works with you, payments or contracts come in late how do you think the vendor will feel about working with you? If one planner can always get in payments on time but another always has problems, you will start to get a reputation as not being able to manage your clients, which is not a good thing.
If vendors are not getting paid, they may start to worry and worrying on the job, especially money worries is not a good thing to have when there is enough stress as it is going into a wedding.
If you are having problems collecting from your clients, look at your systems and see if you are making thing simple for your clients to pay you? Do they have options? Can they do it easily from a mobile device? The more restrictions you put on how you secure your clients and your payment could dictate any potential stalls in receiving payments.
Keep in mind that you are always going to have to evaluate and reevaluate your processes and think if how you run things are the best way of doing things for you or for your clients?
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