Is The Promise Of Jam Tomorrow Stopping Your Cashflow Today?
Good credit control, the effective and timely collection of money owed to you for
services rendered or products supplied, is important in every business, but in the hectic world of a small business owner today it's got to be right up there as a number 1 priority.We are talking about money you've already earned - you've deliver you value and done your side of the bargain, but sometimes clients aren't so prompt when it comes to keeping their side of the deal and paying their bills.
This isn't such a problem in a big business with plenty of cash sloshing around the bank account. They usually have enough slack in their finances to withstand a little late payment.
But for the small business owner every penny is vital and keeping the cash flowing smoothly can be the difference between successful sustainable growth and going under. Even a profitable business can easily go bust if the cash isn't being managed properly. You've got bills pay, stock and supplies to order, tax to settle and, often the most stressful of all when moneys tight, employee payroll to meet each month.
Remember it's your money. You need to get this money in your bank account and working for you instead of having it languishing in your client's bank working to their agenda.
Having helped lots of small businesses get a grip on their cashflow I've heard a lot of "reasons" why the cash isn't being collected. One of the commonest has got to be the scenario where you're owed money by a big client, but you don't want to make a fuss because you're worried that you'll jeopardise future business if you start rocking the boat.
Sound familiar?
It's a common source of stress for small business owners but in my experience it's nearly always misplaced.
If your client is serious about using your company on an ongoing basis then they need you to be around and solvent. Plus if you want to them to think of you as a professional organisation then they can only be impressed when you start managing your business commercially and begin chasing them for payment.
If they're going to respect you as a supplier then you need to make sure you're doing business on terms that make sense to both parties. And if they aren't going to respect you and pay the money they owe then it's always better to find out sooner before you sink more time and effort into a lost cause.
So if you're facing this cashflow challenge right now, step up and take charge of the situation.
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