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Tuning Up
Finances
Bills Paid and Invoices Collected
Revisit your monthly process of reconciliation of all outstanding bills, bank statements and collecting revenue from your customer or partners if any is due. Your bookkeeper will likely be able to help in this process, but do not let this go because it's sailing in a leaky boat, it will slow you down or worse sink you! It's never too late to ask your suppliers and service providers if they offer discounts for bundling, early payment or other incentives. In addition, you can always offer your customers similar incentives for early payment.
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Do First
You should complete the following tasks before proceeding to the current one.
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.
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Small Business Marketing 101: Using Email, Social, Video and More
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Don't stop now! Just pick the very next stage-card that resonates with your business and continue working on the correspondent tasks.
