04 Apr How to get rid of a cashflow headache in 3 steps
Are you feeling comfortable and in control of your cashflow?
Or, like lots of business owners, does this make you grimace as you fly by the seat of your pants each month, hoping and praying there’s enough left over to pay YOU after you’ve paid everyone and everything else?
If you’re in the latter camp, then please please please sort out these 3 key areas which will move you into the ‘feeling comfortable and in control’ camp:
You know deep down if you’re not charging enough. There’s lots of work that can be done on your pricing structure to improve your cashflow. Increase your prices, charge by value instead of time, package up what you do etc.
If you don’t have your pricing structure right, it can cause a lot of stress in your business as you feel undervalued and start to think you maybe better of going back to a J.O.B.
2. Recurring Income
If you don’t have recurring income in your business right now, then you need to put your thinking cap on about how you can get it. If you have to go out and keep finding new customers every month, no wonder your business feel like hard work.
3. Payment Systems
Have a clear process set out for your invoicing and payment terms. You’d be surprised (or maybe not) at the amount of business owners who send invoices out when they feel like it.
Make sure you also have a clear credit control policy as part of this process i.e. when you follow up an overdue invoice, and how.
The good news is that payment systems are a relatively easy area to sort out – so start here if you don’t already have this covered.
Want to talk to me about how you can sort out these 3 areas in your business? You can still book in a complimentary strategy call (if you haven’t already), and get my input on your business by booking a time here.
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