Retainers – aren’t those for teens with bad teeth?

A retainer is a deposit that a client pays you to put towards future invoices. Many service industries use them as a way of making sure that their billable time doesn’t go to waste. A project that is delayed means that a service based contractor, like a web designer who booked a couple solid weeks to work on a new site for a client, wouldn’t get paid until after it’s done without a retainer. Or, in the case of a wedding photographer, that retainer would ensure the date they’ve booked is solid. The amount would cover the opportunity cost of not being able to book another gig in case the bride and her potential mother-in-law come to blows before the big day and cancel the whole thing. Lawyers will also typically request a retainer before taking on a case to account for court fees and the time needed for the initial claim, for example.

Use an estimate to “invoice” the retainer initially

First thing you’ll need to do is send your client an invoice for the agreed retainer amount. Except that it’s not really an invoice, because you haven’t done anything yet. So we’ll use the Estimate feature to send our client a notification to pay up first.

Create a new project if necessary and add an estimate slip with a fixed amount of your retainer. Give the slip a name like “project retainer” or “deposit” so it’s clear what this is for. Click on send estimate and then switch to the preview tab.Click on the options button and under the General heading, change the header to say “Retainer/Deposit Due”.

Send that estimate off and when you’ve received the money from your client, instead of entering it in as a payment, switch to the accounts view and click the add retainer button. Add any notes necessary for your bookkeeping purposes (cheque numbers are sometimes a legal requirement for tax purposes in some places) and after clicking okay to confirm, you’ll see your retainer balance for that client in the accounts tab.

Using the retainer to pay invoices

Now you’d go ahead and start working, tracking your hours and expenses as working slips like normal. When you’re ready to invoice, select those slips and create a new invoice by clicking on the send invoice button. In the create invoice window, check the “apply retainer of” button to use that as your payment source for this invoice. If your invoice total is less than the amount in the retainer, the invoice will show a $0 balance, indicating to your client the amount billed for those services but that they don’t owe you anything yet.

As you whittle down that retainer, Billings will calculate the amount owing after deducting as much as it can from the retainer balance. For example, if you have a $1500 retainer balance and you create an invoice with slips totalling $3500, checking the apply retainer button will leave you with an invoice balance of $2000. You can use retainers in exactly this way to apply a payment on a project for which you collect a certain percentage deposit before starting work.

But when does the gravy train end?

To update your client as to the remaining balance, generate a statement by selecting Send Statement from the Client menu. Switch to the preview tab and click the options button. Check Show retainer balance and click OK. Send this statement along with your invoice to keep your client informed of how much more of your time they are lucky enough to have in the proverbial bank. You can also use the Swiss layout as a basis for your invoice template, which includes an alternate layout that includes the retainer history.

By invoicing this way, the payment dates will be correct and Billings Pro will book your income as of the date of the invoice, not when you collected the retainer.

Use data from Daylite contacts to generate contracts

You can use contact information from Daylite to merge into templates created in Microsoft Word or Apple Pages. Bits of data like your client’s name and address are obvious starting points. To add a name like John Smith, you’d insert the following into your template:

<$contact.firstname$> <$contact.lastname$>

For addresses you’d use:

<$contact.defaultGeoAddress.street$>
<$contact.defaultGeoAddress.city$>, <$contact.defaultGeoAddress.state$>
<$contact.defaultGeoAddress.country$>
<$contact.defaultGeoAddress.postalCode$>

(Here’s complete list of the standard merge keys for your reference)

Okay, so far so good. But what about information that doesn’t have a natural home in Daylite? You may have noticed the “extra” tab in a contact record. Extra fields and extra date fields are great for entering info about your clients that might be needed in a contract, or form. For example, social security numbers or other governmental ID numbers, insurance policy numbers, patent IDs. Any little token of data that you might need to use in a standard templates document is fair game.

The the labels for these extra fields can be edited in Preferences > Forms & Fields in the extra fields tab. Note that different types of records in Daylite can have different extra fields – make sure you are working with Contact extra fields, as these are the only ones supported for document merging. To insert an extra field into your template use:

<$contact.extra1$> or <$contact.extraDate1$>

to insert the data from the first extra field or extra date field, respectively.

There are 12 extra fields plus 4 extra date fields for contacts. But what if you had many more standardized documents than extra fields would be capable of handling? Or fields that would only ever be used in one particular type of contract?

Use forms to merge extensible info into Word

Forms can be used to create more merge keys, and have them be specific to particular contract types. For example, if you did nothing but real estate law and were generating contracts for residential buyers and sellers, you could setup a form in Daylite to enter all the pertinent info and then merge that data into your Word template. For example, here’s a form with some fields that you might use for our real estate example. Values like the purchase price and downpayment amounts would be entered here and then could be used for all the various documents you’ll need throughout the process.

To use merge keys from forms you’ll use something like:

<$form.Sale Price$> or <$form.Downpayment Amount$>

where “Sale Price” or “Downpayment Amount” is the exact name you give to that field in Daylite.

To create your form, go to Preferences > Forms & Fields and create a new form in the left column by clicking the plus button. Under “Set Applies To” check the contacts checkbox. Give the form a name under “Form Type” and then in the right column, click the plus button to create fields. Take careful note of the Field name as this will be used for your Merge key in Word. Choose the type appropriate for each field, most commonly text, number and date for our purposes.

Once you’ve got your form created, switch to the form tab in the contacts record and click on the plus to add a new form. Choose the appropriate form and then enter the data needed. Finally, still in the form tab, make sure the form you’ll be pulling data from is selected (i.e.: highlighted in blue) and choose Merge > using Microsoft Word (or Pages) from the Action menu. Then choose the template you’ve created and you are on your way to speeding up the process for creating those documents that used to lull you into a copy and paste trance.

The effort needed to set this up initially is certainly not insignificant. It wouldn’t make sense to use this technique for every document you create. Entering your data in one simple form can be easier than performing multiple find/replace actions to change the pertinent info from a previous version of a document. If you foresee using a template more than a couple times, it might be worth creating a version of it that can be easily merged with data from Daylite. Once you’ve got everything set, hitting that “Merge” button is certainly much more satisfying than another tedious round of copy and pasting.

We will be hosting regular webinars focussed on using Daylite in small law practices and are looking for your feedback as to what you’d like covered. These workshops will be for both our awesome customers and for those who are looking for Mac based law software. Please leave a comment with your suggestions for making these webinars as worthwhile as possible.

Tara Hunt, the author of The Whuffie Factor, speaker, blogger and CEO of Buyosphere.

Liz Strauss, is the founder of SOBCon, a social web strategist, and one of the most thoughtful, prolific bloggers on the planet.

Janine Allis, The founder and CEO of Boost Juice

Charlene Li, the co-author of the bestseller “Groundswell”, author of the New York Times bestseller “Open Leadership”, and Founder of Altimeter Group

I asked a series of questions that all start-ups, aspiring entrepreneurs and business owners will find very useful.

1. What inspired to start your own business?

“I’ve always been inspired by the same thing: asking “How can I do this better?” (View full interview with Tara Hunt)

“When I had my third child…I was on maternity leave from my job at United International Pictures, I decided I wanted everything.” (View full interview with Janine Allis)

2. What was one of the biggest set backs you had to overcome? And what did you learn from it?

“By far was bringing on the wrong people too quickly. I’ve learned that you pay a steep and painful price when you compromise on compatibility. ” (View full interview with Charlene Li)

“With every heartbreak, you learn something new: you have to re-evaluate your assumptions, you have to look at your execution, you need to re-assess your direction. There is never one lesson and it’s not always super clear. “-Tara Hunt

3. How did you grow your company? In other words, what major factors led to your company’s growth?

4. How do you balance work with your personal life?

“In the early years, poorly.  Basically I worked 7 days a week 12-16 hour days, and then when I would eventually collapse through stress and exhaustion I went to a health retreat for 5 days then started it all over again.” -Janine Allis

“I don’t believe there is such a thing as balance. Rather, it’s a series of less than optimal compromises that I make between work, family, and personal passions” -Charlene Li

5. What are three pieces of advice you would provide to start-ups/small business that are trying to grow their businesses?

“Tell everybody what you’re doing because people want to and will help you.” -Liz Strauss

“Don’t think about growing your business – think about solving a problem or creating something that people love. The growth is a by-product.” -Tara Hunt

“Develop and live your values. You may not think you have time to do this, but it’s essential.” -Charlene Li

Are you a female entrepreneur? Tell us what you think the most important piece of advice would be for a start-up or small business owner and you could win one of 5 licenses to Daylite: An award winning productivity manager that helps small businesses grow.

Charlene Li is the co-author of the bestseller “Groundswell”, author of the New York Times bestseller “Open Leadership”, and Founder of Altimeter Group

1. What inspired you to start your own business?

I honestly sort of fell into it. I loved working at my previous company but had outgrown it, so struck out on my own. At first, it was just me, hanging out my shingle — then I quickly realized that I missed working and collaborating with people. But I also realized that there was a marketplace opportunity to approach the business of technology research differently.

2. What was one of the biggest set backs you had to overcome? And what did you learn from it?

By far was bringing on the wrong people too quickly. I brought on partners who could grow the business quickly, but didn’t necessarily share the same vision or values as me. I’ve learned that you pay a steep and painful price when you compromise on compatibility. As a result, we now have as a first screen a match with our culture. If a person doesn’t pass that initial test, they won’t get further in the interview process.

3. How did you grow your company? In other words, what major factors led to your company’s growth?

To the point above, we brought on people who were go-getters. We came out of the gate with people who knew how to use social media and content to gain traction in the marketplace — and who were also hungry to make a big impact.

4. What is your biggest challenge in balancing work with your personal life?

I don’t believe there is such a thing as balance. Rather, it’s a series of less than optimal compromises that I make between work, family, and personal passions. So I lurch from one compromise to another. The biggest challenge is being comfortable with the choices and explaining why I make them. For example, my children have asked me if going on a business trip means that a client is more important than they are in my life. And I explain to them that to be a whole person, I want and need to invest in my business, and sometimes it means being away from them. Not pursuing this would mean that I would be less whole, and that would make me less able to be a great mom to them if I was not happy with myself.

5. What are three pieces of advice you would provide to start-ups/small business that are trying to grow their businesses?

Note that all three of these pieces of advice have to do with people, not the mechanics of funding or product development. As long as you have the right people on your team — and you know how to work together well, through thick and thin — you can and will accomplish great things.

1. Hire carefully. The first few hires of your business set the tone for you going forward.

2. Establish governance. This is especially important if you have partners, who are also likely your friends. Be very clear how you will make decisions, and make sure that there is ONE person in charge.

3.  Develop and live your values. You may not think you have time to do this, but it’s essential. The exercise will highlight where there are similarities and differences. Some differences are fine, but you need to have enough common ground on starting point values to be able to get through the tough times. And the purpose of values isn’t something that you put on a wall — it’s what you turn to when you need to have tough discussions and decisions. Make sure your values are meaningful to you and your business, and you’ll be able to live them every day.

Janine Allis is the founder and CEO of Boost Juice Bars

1. What inspired you to start your own business?

One of the many positives for a working woman to have children is that they have to stop work to have them.  When I had my third child, Riley, and I was on maternity leave from my job at United International Pictures, I decided I wanted everything.  I wanted creative pursuit, flexibly and I wanted to be in control of my own destiny.

2. What was one of the biggest set backs you had to overcome? And what did you learn from it?

Too many to list.  But in general when I look back at the nights that I could not sleep and being so stressed that I could not eat, I am thankful for all the problems, setbacks and mistakes, because it teaches you to be less arrogant, more understanding, tougher on yourself and your business, more tolerant and more self confident.  But most importantly it reminds you that you have to continue to attack yourself and your business to ensure you are always staying ahead of the game.

3. How did you grow your company? In other words, what major factors led to your company’s growth?

Mainly through not knowing what we were doing!  We grew through gut instinct and by solving each problem as it occurred.  Always moving ahead and never looking back and dwelling on your mistakes.

4. How do you balance work with your personal life?

HA!  In the early years, poorly.  Basically I worked 7 days a week 12-16 hour days, and then when I would eventually collapse through stress and exhaustion I went to a health retreat for 5 days then started it all over again.  Now that the business is more mature, I have got an amazing work, life balance.  At 46 I have finally sorted it all out.  Life is like a pendulum, it moves too far one way then the other until you get it right.  And even then it is a moving target.

5.. What are three pieces of advice you would provide to start-ups/small business that are trying to grow their businesses?

1. Surround yourself with great people. Hire slowly and do a lot of research, and fire quickly, when you know it is not working.

2. Know your numbers, when you are starting up a business DO NOT get other people to do you accounts, this is where your business heart is and if you do not understand your numbers and know exactly what your business is doing financially then stop and go learn.

3. Enjoy the journey.  When you are running your business you will be spending more time with your business than you will be with your partner, kids and dog, so pick something you can be passionate about.

Tara Hunt is the author of The Whuffie Factor, speaker, blogger and CEO of Buyosphere

1. What inspired you to start your own business?

This is my third business (although first startup). I’ve always been inspired by the same thing: asking “How can I do this better?” For Buyosphere, it was “Egad, shopping online is becoming unmanageable. There are too many choices and not enough clarity or personalized results. How can I make this a better experience?” I even shopped the idea to other startups for a few years without having them pick it up. I finally hunkered down and took the initiative to build something myself to solve it.

2. What was one of the biggest set backs you had to overcome? And what did you learn from it?

One of the biggest heartbreaks is when you get excited about launching something and then when you launch it, you don’t get the same reaction that you expected. And with every heartbreak, you learn something new: you have to re-evaluate your assumptions, you have to look at your execution, you need to re-assess your direction. There is never one lesson and it’s not always super clear. Hindsight, as they say, is 20/20. When a company achieves a semblance of success, 25 different people go back and assess what led to that success and there are 25 different answers. When a company fails, the same thing happens: multiple assessments with multiple answers. I feel that the road to success depends on so many internal/external factors. What works for one company won’t work for another. Best practices are a myth. That being said, there are things I’ve learnt to watch out for. Don’t make decisions based on fear. Don’t listen too acutely to analytics (at the peril of your instincts). If you are about to do anything because you’re at the end of your rope, stop and think.

3. How did you grow your company? In other words, what major factors led to your company’s growth?

I feel like I can’t answer this question properly because, well, we are still growing our company. I don’t know a company in existence (even Facebook or Apple) that ever stops figuring out how to grow their company. But, how we’ve grown to date? By being our own biggest users and understanding what works and what doesn’t work. Marketing, promotion and PR works to get the word out, but does it sustain growth? In our case, we were seeing growth with every article, but when there was a lull in PR, the growth would slow, so we looked at the product and are in the midst of a redesign because we figured out that we were missing some major opportunities for keeping people engaged.

4. What is your biggest challenge in balancing work with your personal life?

The biggest challenge is thinking that there will ever BE balance. I am always working, even when I’m out to dinner with friends or on a date with my boyfriend. Being an entrepreneur means that you don’t ever really switch off. The stakes are high and your input is the only control you have over the outcome. The biggest challenge is finding the ability to separate yourself from your business. I take things far too personally when they don’t work.

5. What are three pieces of advice you would provide to start-ups/small business that are trying to grow their businesses?

1. Don’t think about growing your business – think about solving a problem or creating something that people love. The growth is a by-product.

2. There will be more dark days than hooray days. Don’t let the dark days cloud everything else or get to you. I’m still learning this one.

3. Seek the support of other startup/small business founders. Finding solace in solidarity can be the most helpful tool you have. You can learn so much from others.

Liz Strauss is the founder of SOBCon, a social web strategist, and one of the most thoughtful, prolific bloggers on the planet.

1. What inspired you to start your own business?

2. What was one of the biggest set backs you had to overcome? And what did you learn from it?

3. How did you grow your company? In other words, what major factors led to your company’s growth?

4. What is your biggest challenge in balancing work with your personal life?

5.What are three pieces of advice you would provide to start-ups/small business that are trying to grow their businesses?

1. Know who you are and what you value because that will attract people to you who value the same things.

2. Know where you’re going because that will help you sort decisions and opportunities that will keep you on track. When opportunities come by decide if it supports where your’e going. If you know, that’s irresitibly attractable. Who wants to follow you if you don’t?

3. Don’t believe you have to do it alone. A leader is someone that wants to build something that they can’t build alone.

4. I’d like to add one more to my list. Tell everybody what you’re doing because people want and will help you.

You can continue to use Billings Pro during this time.

REMINDER: you can always check status.marketcircle.com to see the status of Marketcicle Cloud

We apologize for any inconvenience.

MC Team

After watching this it struck me that his “bit” at the end (32:25) was really not so far off the reality at some companies. When businesses were being managed like factories, living in a Closed mode was completely appropriate. But many of the most successful companies nowadays are in industries where coming up with creative solutions to problems is exactly what they do, day in and day out. Tech companies are literally doing this everyday, trying to accomplish something new with software or hardware that has never been done before, by anyone.

Many other more traditional companies are going through a transition where creative solutions are becoming more necessary to growing their business. The transition to Digital is a big struggle for some businesses, for example. Recreating workflows and improving upon older processes using computers and mobile devices can sometimes require some real thinking.

Is the culture at your company such that it’s totally acceptable for employees to relax and take some time to consider new and creative solutions or ideas when necessary? Are your meetings setup to allow people to be at their most creative? Or is your space configured for this to occur naturally?

Cleese gives us all a great reminder to schedule time to go into Open mode every so often. It’s too easy to remain in Closed mode when we’re ridiculously busy running our small businesses. Block off 2–3 hrs to become really engrossed in a problem. It doesn’t matter whether that problem is coming up with sales or marketing strategies, or creating a long term overall strategy, or figuring out the best way to keep people from eating your leftovers at the office. Relax. Take a breath. Have a laugh. Spend that entire time pondering and come up with as many different solutions as possible to the most interesting and important projects in your life. Play around with crazy ideas and allow yourself to look at things differently. Try to get past your first instincts and struggle through to make something truly great.

And then the phone starts ringing and you’re back to reality.

If your business uses Macs that browse the web you should probably install this update just to make sure you aren’t part if the 1% of Mac users infected. Sounds like a pretty small number, but this is actually a higher percentage than the Windows Confiker infection.

Select Software Update from the Apple menu and you should see an update labelled: Java for OS X Lion 2012–003. Install away and relax knowing that your Mac won’t be part of any computer uprising over the weekend. At least not yet.

Apple support article