Do you hesitate to chase up your customers for payment, and then wait so long for your money that you have a cash flow crisis?
Lots of small business owners think it’s not ‘their right’ to ask for their money back. They send their invoice and then just wait for payment. Effectively, they give total control of their invoice to their customer.
If you let your customers take control over your invoices, the consequences can be crippling because customers don’t often pay until they are asked.
If your invoices are really overdue by the time they are paid, you might experience a serious cash flow crisis. It can be stressful if you don’t have enough reserves to pay your staff, your suppliers and yourself.
It can get worse too. The longer an invoice is outstanding, the more likely it’ll never be paid at all. Then it’ll be a bad debt. Too many bad debts can cause insolvency – you lose your business forever.
Your Invoices are Your Money!
The key to getting your invoices paid on time is to keep control over YOUR INVOICES. After all, it’s YOUR MONEY.
When you keep control of your invoices, you’ll know exactly where they are, and what’s happening – or not happening – with them.
And it’s easy. You can keep control of your invoices just by using a caring ‘customer service’ strategy all through the sales ->cash process.
Avoid a Cash Flow Crisis Just With ‘World-Class Service’
In my business, we called it ‘world-class service’. Customers never realised we were tracking our invoices; they just loved the great service and they always paid our invoices on time. We never had a cash flow crisis because our bank account was always full!
What strategies do you use to keep control of your invoices, so your customers pay you on time and you keep the cash flow crisis at bay?
To your business success!