10 Ways to improve cashflow
Here are some pointers on keeping your business bank balance in the best possible shape:
1. Fast invoicing. It may sound obvious, but the quicker you get bills out to clients, the quicker you will be paid. A lot of companies leave invoicing until the end of the month and post out bills in bulk. Sending out bills as soon as work is completed and using email delivery is far quicker and more reliable. It also cuts out the “I still haven’t received the invoice in the post” excuse when chasing payments.
2. Make it easy for customers to pay you. Direct debits provide advantages for both you and your clients. From your point of view, setting up auto-payments takes away the time and stress of checking to see if people pay when they should, and also saves you chasing them if they are late. The client will also appreciate the convenience as it ensures continuity of service and preserves a good working relationship.