The money stress that you feel does unfortunately transfer to your staff. Although they may be quiet on the matter, they do wonder about the upcoming payday.
As we get busy in our business, it is easy to stop focusing on the bank balance and only focus on the work that is needed in the business. If you have been wondering why your Profit in the business is not reflected in your bank, a good place to start is looking at your Debtors and Creditors balances. Good cash planning and cash flow management is essential in business.
Ensure you have a live Accounting system that you can access at any time and keep this updated. Your next step is to look at your client balances and actively contact your clients.
Below are THREE Quick steps to get money into your business.
1. Invoice immediately as you complete the work. Could you send the invoice before you leave the client?
2. Follow up on outstanding payments often. Most times the clients are more focussed on their own business cash flow and don’t see you as a priority.
3. Set up easy ways for your clients to pay you. Payment links are quick and easy and the clients can pay you within 5 minutes.
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