We all know how important sales are, but equally important is collecting the cash we’re owed ... and making sure the time we spend chasing accounts is as effective and efficient as possible.
We all know being a business owner is a hard gig.
And the statistics back that up:
According to the Australian Bureau of Statistics, more than 60 percent of small business cease operating within the first three years of starting.
43% of one-person businesses which existed in 2011/12 were gone by 2015/16.
So why do small business fail? And what can you do to make sure you don`t become a statistic?
Cash flow is the oxygen that allows your business to live and breathe.
In my cash flow finance days, I had no end of customers boasting about their sales for the last month.
BUT if you fail the collect the cash, then it’s s all for nothing.
Without collecting cold hard cash, you can't pay your rent. You can’t do your payroll. You can't pay your suppliers.
So here are some things to think about to increase the you have cycling through your business …