070
Launch
Finances
Collecting Revenue
Depending on your business you may have to bill your customer and they pay at a later date. Having those payments outstanding can create cash flow issues for you. You will need to keep on top of them to reconcile all payments. Ways to incentivize them to pay earlier is to offer a small discount, such as 2%, if they pay within 15 days. Alternatively, if they are late you can attach penalties and other fees. Be careful about being punitive because that can damage a working relationship, but stand your ground. Conversely, you'll have bills to be paid. A typical strategy is to defer those as long as possible and pay at the end of the required terms. This conserves cash for as long as possible. Do not get in the habit of missing payments because this might affect terms with suppliers, partners, your business credit score, and your reputation.
Sponsored by
TASKS CARDS
Do First
You should complete the following tasks before proceeding to the current one.
Weekly Bookkeeping Review
Create a plan to review your books on a weekly basis. This may not be your favorite task, but knowing where your money comes from and where it is going will be critical to smooth operations and being able to respond in times of change. Most of the number crunching is easily automated with software, or your service will do it on your behalf. However, taking time to review the information and understanding it is the skill to be developed. If looking at the information in your books is hard to grasp, ask for help from your provider or someone at the college - such as one of our Entrepreneurs in Residence staff.
Launch
069
No items found.
RESOURCES
Our Curated Resources
List of resources, subject matter experts, trusted partners, and tools that can be useful to complete the task.
article
Small Business Marketing 101: Using Email, Social, Video and More
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat.
Go to website
TASKS
Tasks Within the Stage
STAGES
Keep Moving Forward
Don't stop now! Just pick the very next stage-card that resonates with your business and continue working on the correspondent tasks.
