5 Killer Mistakes – Part 3
The last 2 posts covered the first four of the killer mistakes you can make that will not only make you lose your fish, but possibly your entire company. Today we’re going to talk about the fifth killer mistake: Up Cash Creek Without a Paddle.
Even when business is good there’s still a change of running out of cash flow. You have to always be prepared for a slow in sales or a surge in expenses. One of the keys to balancing your cash flow is to get your clients to pay on time. This can seem like a nightmare, but is absolutely essential to a successful business.
Here are some tips to speed up the payment process:
- Always send invoices on time and adjust your records for potential audits.
- Learn how the client processes payments on their side and find out precisely where to send invoices.
- Find out who’s in charge of processing orders and payment, so you know who to contact if needed.
- Have a follow-up procedure in place, just in case.
- As a last resort, call your contact to ask questions.
- Always make sure your invoices are correct before sending them out.
You also need to make sure your cash flow is protected. You can do this by:
- Always know which accounts need paid and when.
- Negotiate with your suppliers for the lowest cost possible.
- Have a bank contingency plan in place.
- Build your own inventor network.
These are all great ways to protect the cash flow of your business and prepare for fish transitions and slow sales. These last few lessons are all about finding and catching your big fish clients. These clients are essential to your success and your need to take the time to work through each of these steps carefully and correctly for the best success.
If you’re having a hard time deciding on what you want, the tools, resources and coaches in the GUIDED TOUR can help you define the wants and needs of your company in relation to customer service.
I can help you work through all these areas and give your business a jumpstart that puts you ahead of your competition right from the start.
Feel free to visit https://newcoachingstrategies.com for your GUIDED TOUR and a complimentary copy of my first book in the five-book series:
Business Breakthrough Secrets, Volume I, The Secret Formula To Discovering $10K Hidden Inside Your Business In 45 Minutes Or Less… Guaranteed!
You can also invest a few minutes of your time to watch this revealing video presentation on the best marketing secrets for your business as my gift to you:
If you have further questions about this article, please leave me a message and I’ll respond as soon as possible!