5 Big Blunders You Need to Avoid Part 3
We’ve gone over the first four big blunders that you need to avoid to protect your company in our previous blogs. Today, we’ll cover the final blunder: not having enough operating cash for your business.
Cash flow is one of the essential things to carefully watch for your business, even during the good times. There’s always the chance that you could run out of cash flow even if your business is doing well. One of the best ways to handle your getting your cash flow balanced is getting on time payment from your clients. For many of you, this may seem like the beginning of a headache, but it’s critical for your business to remain successful.
Get your payment process on track with these tips:
- Send your invoices on time, and always keep your records up to date for potential audits.
- Double Check your invoices for accuracy before sending them out. You don’t want to over or under charge your clients.
- Talk to your clients about how they process their payments to you. Get any information necessary on how best to invoice them, such as the best address.
- Get the contact information of the person that’s in charge of handling the orders and payments to you in case you need to speak to them in the future.
- Design a follow-up process just in case it’s needed.
- Get in touch with your contact as a last resort.
There are some ways that you can protect your cash flow. Here are some tips:
- Keep track of when accounts have to be paid.
- Speak with your suppliers to work on lowering costs as much as possible.
- Design a contingency plan for the bank just in case you need it.
- Create your own network of investors.
Following through on these tips can help you keep your cash flow balanced during the good times and the slow.
All of these lessons have the intention of helping you find and bring in new clients that are bigger and better than your previous ones. These lessons are the best way to grow your business and find success. It can take time to follow through on all of these steps, but going through them accurately will help you to find success.
Need some assistance with handling these tasks? Contact us today to learn more about the services we offer and how they can help you in building a better, more successful business.