What Is The Most Important Thing In Business?
So, How do you Keep your Head Above Water?
1. Measure cashflow like a hawk - it is your business so it is your responsibility to know exactly how much you owe, how much you are owed, how much you have got and how much you are going to need. Do the numbers.
2. Do the cashflow projections - depending on how close you are sailing to the wind and how big the fluctuations are, do cashflow projections every quarter/month/week. Failure to do so is entirely inexcusable.
3. Have clear credit terms on your initial contract and on all subsequent invoices
4. Check all new clients’ credit records - and watch them until they have proved themselves to be reliable.
5. Have a rigorous process for invoicing, following-up and collection - Be reasonable but be firm. Talk to anyone who owes you money. Listen. Be clear and be firm. It is your money that they owe you.
Also, recognise that a tightly-run credit control system is useless if you are not making the profit in the first place.
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Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
Business Coach in Houston.
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