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5 ways to improve payment of invoices

Cash in King. It can make or break a business. Here are 5 ways to improve your cashflow

  1. Invoice of day of delivery / completion. Don't wait until the end of the week or month. Invoice today. Payment terms are based on invoice date so the earlier an invoice is issued, the earlier payment is due.
  2. Pro-actively request payment - If a client is notoriously poor at paying (or even if they pay on-time) give clients a call a week before payment is due to confirm the payment date. It serves as a little reminder that the invoice is due and they are less likely to delay.
  3. Implement Payment Process - Hold clients to their payment terms and implement a process to chase outstanding payments from the first day a payment becomes due. Don't wait another 30 days until you chase. Start the process immediately. 
  4. Issue demand letters - If the payment is 7 days overdue, start issuing demand letters. 
  5. Withhold future supplies - If an invoice remains outstanding, then delay future deliveries until outstanding invoice is paid.    

Five considerations to increase sales

Five considerations to increase sales 

  1. Create a customer database - stay in contact
  2. Determine repeat business opportunities
  3. Identify customer retention solutions
  4. Expand product / service offering 
  5. Know your customer

 

Growth Strategies - where to start?

You want to grow your business but no idea where to start.  Below are perhaps one, or some of the questions you are facing.

  • You don't know where to start?
  • Unable to manage the current workload, and haven't the time, resources or money to consider what the next step should be?
  • You are your business, so how do you grow it? 
  • How will you fund the initial expansion?
  • Will you generate enough business to grow the business?
  • What if you bring in more work that you can handle? 

So where to begin? Create a Plan - it's not as daunting as you may think. 

 


Budget Season - Are you prepared for 2014?

Formulating a budget not only allows you to estimate revenues, expenses and potential profits, it allows businesses to set targets, implement growth strategies, identify funding requirements and detect unnecessary overspends.

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