2. Increase your price.
Decrease expenses.
Send invoices as soon as you can.
QUICK THINGSYOU CAN DO NOW!
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Make it easy for clients to pay you.
Know the accounts payable team.
Break down the invoice into smaller
invoices.
STEP #1
3. 50% upfront
25% upon design approval or [X Date], whichever
came first.
25% upon project approval or [X Date], whichever
came first.
CHANGE CLIENT PAYMENT TERMS
STEP #2
4. Know what their competitors are offering and you
can leverage their payment terms.
Guarantee a certain volume of business within a
certain time frame.
Setup automatic payment with a credit card.
CHANGE VENDOR PAYMENT TERMS
STEP #3
5. Description of service.
When the work was performed.
Who the work was for.
Possible PO number.
PROVIDE DETAILED INVOICES
STEP #4
6. DEVELOPING
THE CASH FLOW WORKSHEET
Identify goals of the business.
Identify revenue shortfalls.
Rank the priorities that need to be focused on.
Accurately project out how long your cash will last.
12. STEP #10
WEEKLY SALES OPPORTUNITY MEETINGS.
DETERMINE WHICH OPPORTUNITIESYOU NEED TO CLOSE.
•Only Input opps that have >35%
chance of closing in the next 90
days.
•Stage III = opps > 75%
•Stage II = opps 35-74%
13. STEP #11
FIGURE OUTYOUR ACCOUNTS RECIEVEABLES AND WHAT IS LIKELY TO COME
IN THE NEXT 30 DAYS.
16. STEP #14
Repeat each month.
Gauge where the business is and where it is headed.
It is always easier to slow a slow car up rather than a car flying down
the hill. If you do this, you will catch cash flow issues and have plenty of
time to take every measure possible.