Who’s Got Your Money?
The cash-flow in your business is a delicate and crucial aspect of running a business. Making sure that there is the shortest amount of time between money leaving your account and you being paid, or even paid in advance, is the corner stone of managing your balance well. So who has currently got your money, and how can you get it in your account swifter?
Paying up front: Do you have to pay for your supplies/products before you get paid by your customer? This can lead to a cash-flow problem, particularly if any of the following issues compound it. Can you get an extension on your credit terms with your supplier? Can you get a part (or full) payment up front from your customer? Don’t assume either way, find out for sure, it may just be something to start with future clients. The shorter the time between money leaving your account and you being paid the better.
Invoicing late: Do you invoice your customers for payment? Make sure you have an easy way to invoice, with full details of when payment is due and how they can pay you. There are various Invoice apps out there, some linked to account packages. Deborah Mulvany uses Easy Invoice, an iPhone/iPad app, which provides easy invoicing and reports. The important thing it not to wait a few days, but have a simple way to invoice quickly.
Late Payments: ‘The cheques in the post’ may be an old cliché nowadays with electronic payments, but some will still take more than the allotted time to settle up your account. Make sure you have a method to track when payments are due, and monitor it regularly. A brief and courteous ‘reminder’ when the due by date has been exceeded by a couple of days, may just be the prompt for a genuine oversight. Don’t wait for a week or two to go by in the hope they will get around to it. Be ready with a sterner reminder, and possibly even a well written note from your accountant/bookkeeper if they persist. If you have any regular ‘late payers’ then nip it in the bud early, get payment up front, or if it is a ‘company policy’ running payments on a certain day, postpone your delivery and invoicing to tie in with that going forward.
Forgotten subscriptions: What regular monthly or annual subscriptions do you have that you are no longer benefitting from? You are so used to them coming out of the account that you almost overlook them, or repeat ’I really must cancel that’ all too often. Just like a gym subscription, if you aren’t using it, cancel it – now!
Above all, keep your money where you can use it. To better your business, not someone else’s.
Metis Women Speaking at Kent Vision – 10th May
The biggest business exhibition in Kent is at Detling on 10th May, and Metis Women have a Speakers slot and Stand. With plenty of Keynote speakers, a Marketing stream full of workshops, including two from Gori Yahaya from Google, and 2 pavilions of exhibitors, there is a lot to see.
Come along to support the talk (2:30pm in the Astor Pavilion) and visit us on Stand 309.
Here’s the link for more details for the event – register in advance so you can book in for our talk or others, and have your badge ready for you on the day too.
App – Cozi
Deborah Mulvany of Shaping Wellness mentioned a handy app for keeping family, and ‘other halves’ organised. It helps coordinate and communicate the family’s schedules and appointments, to-do and chores, menu plans and shopping lists. It syncs in real time so things can even be added from home whilst someone is shopping or seen as ticked off the list. Reminders and emails can be set as well so no-one misses things. It even keeps notes of favourite recipes.
Book your place now. Links are below.
Ashford – 5th May, Kennington Hall – Learn Session: Metis Women Founders – The Challenges of Women in Business
* Sponsored by Kennington Hall, Wedding & Events Venue
Maidstone – 12th May, *Location to be confirmed* – Learn Session: Sophia Mulvany – Creating a Wordpres Site or Blog
Faversham – 18th May, Judd’s Folly – Learn Session: TBC
* Sponsored by Judds Folly, Hotel, Restaurant & Wedding Venue
Meetings run from 9:30 (For networking) – 12:00
Book Now:We are currently not running any meetings, for further details see our facebook page
Have a good weekend
Amanda & The Metis Women Team