When it comes to invoicing, retainers are the best way to build revenue and increase consistency with clients. Here's why you should utilize retainers and how it benefits you and your clients:
A retainer is an agreement between a client and a service industry professional to work together for a period of time and with a specific budget. It reserves a set amount of the agency’s time for a set rate. Using retainers for billing is a great way to establish a long-lasting relationship between a client and an agency/professional. Retainers are results driven and may lead to priority treatment for recurring clients.
One of the great aspects of retainers is that they benefit the client and the agency. On both sides there are no surprises; everyone is on the same page in regards to budget and allotted hours. Pre-establishing what your client is willing to pay creates a better foundation for you to build relationships, which leads to future projects and greater revenue.
Service Operations Automation (ServOps) allows you to customizes your retainer properties. You can use flexible allowance types, whether you're using a monthly upfront payment or end of the month payment for a project. Billing upfront, however, means that you can use Retainers for automatic invoicing, which is a big timesaver.
To learn more about retainers and how they'll benefit your business in Q1 and 2019, sign up for a free trial today!