Summer is upon us as well as vacation season and long weekends. And for many that can mean a few critical tasks taking a back seat in your business. One regular task in your business that should stay front and center is invoicing and follow ups. Regardless of the time of year.
One of the biggest factors in any business growing is cash flow. Lack of cash flow is responsible for not only stress in a small business but it can cause a business to go under in no time. Imagine, coming back from a nice relaxing vacation only to find you have very little cash in the bank.
So if you and your staff are planning vacations and time off during the summer, make sure you have a plan and system in place to keep your invoicing current and follow ups on non-payers on a regular schedule.
You’ll also want to consider making sure you have a plan in place to settle accounts that go past 90 days. We say it all the time and it’s a fact; The longer a bill goes unpaid, the more difficult it is to resolve that account.
Just like the holiday season, spending can also go up in the summer months due to vacations and other recreational activities of consumers. That can mean other financial commitments don’t get taken care of as they should. Which can jeopardize your cash flow.
So, the sooner you get serious about getting paid only increases the chances of getting paid for what is owed to your business. Summer is a great time to relax and enjoy family so you shouldn’t be stressed out about cash flow.
Take just a couple minutes to see our video about why getting in the game sooner can drastically impact your cash flow. It’s on the right, under ASK APR.
And contact our team today if you need more assistance in working with your late and non-paying customers.