Collecting money from your customers is a big deal?  Getting paid on time is a big deal.   Because cash guarantees your survival week after week. No cash, no business. The lights will not be on, the door will not be open.

This week’s episode of I Hate Numbers is all about getting paid on time. I look at

  • Why getting paid on time is a big deal
  • Three things you do to help getting paid on time
  • Practical tips to share

Getting paid on time

Cash ultimately comes from your customers.  They give you money for your products and services.

Your business has financial commitments.  Make sure your staff, suppliers, lenders, and YOU get paid.  But, get paid with cash , not buttons and promises.  To clarify, if you don’t have access to cash, then your business won’t have a long shelf life and you’re screwed!

In other words, your cash should come from your customers.

Three things you need

In addition, there are 3 essentials things you need to help get paid on time, summarised as CULTURE TECHNOLOGY and ACTION, CTA for short.

CULTURE

Firstly, culture equals mindset & attitude.  Know how to deal with money.  In other words, your mindset dial should be set to having grown up business conversations. Grown-up doesn't mean being nasty, it means being comfortable talking about money.

Giving credit is always a risk. The risk is you don't get paid ! You must have the right attitude to manage that risk.  But your business is just that, a business.  It’s not a hobby, it’s there to make you money (profit) so you can continue to do what you do, make a difference, serve your customers and give yourself a decent personal and family life.

Most importantly, listen to find out more.

TECHNOLOGY

Certainly, technology is a good friend to you in terms of processes and systems.  For example, technology helps you issue customer quotes, invoices.  Above all technology monitors what you are owed, reminds you when payments are late, and helps collect your cash.

In addition, technology is pretty cool for issuing agreements, terms, and conditions.  To sum up, technology helps with the whole customer journey from stranger to getting paid.

Most importantly, listen to find out more.

ACTION

Thirdly, systems and processes are pointless unless you follow them and take action.  For example, what do you do if the client doesn't pay you on time?

Action always wins over inertia.  On the other hand, hiding under your duvet or putting your hands to your ears and going la la la is a playground activity.  Definitely not suitable for your business.

Most importantly, listen to find out more.

Conclusion

In conclusion, Collecting money from your customers has to be done, and on time.  Certainly, if you want your business to still be around, get to grips with getting paid on time. Take control and improve your customer collection process.  Contact us to find out more.

What Next

Make yourself comfortable. Sit back and listen.

Even better subscribe so you do not miss an episode.

 In This Episode

  • Understanding why getting paid on time is vital for your business
  • The part that culture plays in getting paid on time
  • Why technology can be a good friend to you in getting customers to pay you
  • Action speaks louder than words and inertia
  • Developing your own Numbers confidence and decisions
  • Take more control of your numbers to help make you money, survive and thrive

Links

https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288
https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers
https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins
https://www.stitcher.com/podcast/proactiveresolutionss-podcast
https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/