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Are micro business habits killing your cash flow?
No matter where we are in business, most of us started small, very small, even at the micro level. Back then, we could even manage all the bills and contracts in our heads.
Two to three bills a month turned into 5 a week, then 10 a day. The easiest thing to do was to pay the people that yell the loudest first.
If you’re honest with yourself, it became harder and harder. And all your bookkeeper could offer in the way of ‘help’ was merely to demand that you take photos of the invoices after you pay them.
The freedoms of running a small business can be intoxicating. Calling yourself a director for the first time. Even wearing multiple hats was initially so exciting. You could have more titles than the Queen!
Hooray, I am the head of the marketing department, operations manager, sales champion and chief financial officer.
But then there’s the downside.
The problem with doing all the cash flow management calculations in your head is that there will come a time, sooner rather than later, where you just can’t keep up.
Clients complaining that a bill hasn’t been paid
When you get a phone call, with someone saying that a certain amount is due, you go over the circumstances in your head. You’re SURE you paid that bill last week - you KNOW that they’ve made a mistake but you still need to take the time to go and investigate, just to make sure.
You say you’ll get back to them about it - which makes it look like the mistake is more yours than theirs because you can’t give a quick answer.
Wouldn’t it be easier to have a system in place that includes a permanent, easy-to-access record of every single transaction? So that whenever you get this kind of phone call, you have proof of payment at your fingertips?
Following up on unpaid invoices
When you want to look at your CLIENT INVOICES folder, you try to figure out which invoices are overdue.
An hour later, you’ve found a few that you can collect on now. But you need to make a repayment on your credit card before any money can come in.
Wouldn’t it be better to be able to open your accounts payable software and see an accurate record of what you really owe.
Perhaps you’ll quickly find out that some goods that had not been delivered two weeks ago got credited, meaning that your credit card will not be overdue for at least another week.
You feel like you’re banging your head against a wall.
Simply put, old fashioned micro business habits kill business cash flow. Living on the edge is manageable, but unnecessarily stressful.
On top of the all the other things that you need to do, why manage bills and contracts manually when having an automated system would make everything fast and easy?
Imagine what it would be like to handle things like a boss?
So what’s the best solution?
Yes, there are cash flow specialists around that can teach you little tricks on how to manage your cash, but they cost money.
What if I told you there’s a CHEAPER and BETTER way?...
Our efficient Cash Flow Guardian System is not only fast and easy, it will cost you the same as a normal compliant bookkeeping service. Why shouldn’t it? You justify the expenditure and store the bill anyway - it doesn’t take any longer to enter it a bit earlier before you pay it.
You’ll feel safe and secure because all your accounts receivables are automated. Invoices are issued automatically and emailed to your clients.
Money is withdrawn on the due date via DDR (direct debit request agreements) and reconciled. You can easily predict how much revenue you will get in any given week.
You used to spend hours every night paying bills one by one. Now you have a concise report where you just select 30-50 bills in one go and pay them simultaneously in less than a minute, including sending suppliers remittance advices to keep everyone happy.
From little things, big things grow. Take my advice, avoid micro business habits, and watch your business reach its potential.
Subscribe by email and instantly get FREE Illustrated eBook. Adequate ‘positive’ cash flow is essential for the survival of any business, yet this is something that over 50% of small business owners struggle to manage.