I see it time and time again…
We had only just met. I had been referred to her by a colleague of mine, and within 10 minutes of sitting down and looking to understand her needs, she was in tears. Yet another business owner brought to tears by the cashflow stresses in their business.
When entering the finance arena a few years ago, I never expected to see grown adults cry. But, as we all know, with money (or the lack thereof) comes emotion. Money has the capability to elevate us as well as drag us down into the depths of stress and depression. For many of us hurtling along in this entrepreneurial blur, this rollercoaster ride can be a daily occurrence. Some days high, some days low…some days all at once.
We all wish we could do business with the proverbial handshake & not have to worry whether that new customer will pay you when they said they would.
Why not take the emotion out of it?
Implement these 3 easy steps and gain control of your cashflow:
- Implement a payment plan with terms
Allow two easy methods of payment ie: debit order/credit card or EFT. Promote the debit order option as an option A, as it will streamline your cashflow and allow you more control. Should your customer nominate to pay via EFT, implement an agreement clause stating that should payment renege over a specified date, you can legally debit as per agreement.
- Motivate it to your customers
Incentivise your customers to pay earlier, by automating the process and providing them with the utmost convenience.
- Setup a payment processing system which places you in control
Implement a debit order facility or credit card facility to legally transact against your customers account through pre-authorisation.
Should you wish to discuss this in more detail and strategise how you can go about controlling your business’ cashflow, feel free to peruse www.threepeaks.co.za or speak to one of our friendly consultants.