Getting paid before Christmas – Day 3 Top Tip
Profit is crucial but cashflow is king.
If you don’t get paid, you don’t have any cashflow, without cashflow you don’t have any profit.
We all know how critical it is to get paid on time, especially around this time of year with Christmas coming up, everywhere closes for how long will depend on their business.
It’s really tempting to save up the “administration” to be done over the festive period, but by doing this your cashflow can be severely affected.
Working with my clients and from my years of experience in credit control, one of the things not to be left is your reconciliation of receipts. How do you know who to chase or who to thank if you don’t know who has paid you?
So today’s task is to reconcile your bank statement.
Concentrate on your receipts. Mark those invoices as paid, say thank you to the customers who have paid you. Feel great about the fact your time and effort in keeping your invoicing up to date has paid off as you’ve had money come into your bank.
In my experience, so many businesses leave this task to the end of the month, or when they realise it hasn’t been done for a while.
By doing this you are not in control of who you need to call to remind them payment is due.
You don’t know who to thank for paying you early – yes this does happen if you make those friendly calls I talked about in yesterday’s top tip.
If you don’t reconcile your receipts, you will have an even bigger task monitoring your cashflow and therefore your profits.
So take a look at that bank statement, who has paid you, who hasn’t?
This simple task can help not only towards your goal of getting paid before Christmas, but also in building up those relationships with your clients. By saying thank you, you stand out from the crowd, your relationship grows stronger and your customers are more likely to recommend you.
So what are you waiting for? Check your bank statement then pick up the phone/send that email.