You don't know what you're missing. Allow me to enlighten you.
Your business network is comprised of every business, entity, or individual that somehow helps your company to accomplish its goals. The profitability of your business model depends on this complex network. And as such, it is typically comprised of customers, suppliers, distributors, third-party developers, and every other outsider who’s already directly involved in your business in any significant manner. The larger this network gets, the more potential there is for your company to actually grow as planned or even beyond current growth estimates. Turn this potential into reality via the following tactics:
It might seem a bit morbid or sad to think about it now, but one day you’ll be leaving your business. It could be because of a sad reason, but it could also be exciting – you’ll be moving on to something new or retiring to enjoy world travel or time with the family.
One of the biggest problems our clients face is getting clients to pay their invoices on time. If you don’t get the money you’re owed when you need it, you can face serious cash flow issues.
We all know that the sooner we send out our invoices, the sooner we get paid. However, actually remembering to do it is an entirely different thing.
An important factor that can sink a small business is not being able to get the money you’re owed. You send out invoices and hope for the best, but if clients take too long to pay or ignore you, then you don’t have the cash in the bank when you actually need it.
A credit control process is a way for you to ensure you get paid on time every month. If you’re sending 20+ invoices a month – or you’re regularly getting paid late – you should consider creating a simple policy.
Creating a lean business in 2018 will have myriad benefits – you’ll have more money available to help you grow, and you may be able to draw out more to enjoy in your personal life. By lowering your expenses and saving money, you help to insulate yourself against fluctuations in the market. It’s a win-win. Contact the team at Bookbird for more money saving tips.