The Business Bulletin
5 steps to exterminate the virus of late payment Struggling with
Struggling with cashflow? Many SMEs
cashflow? Many SMEs
you’re not able to pay your staff or
are. Maybe cashflow is so slow that
are. Maybe cashflow is
yourself a wage – 32% of business
so slow that you’re not
staff on time and can’t pay yourself a
able to pay your staff or yourself a wage – 32% of business owners can’t. If you’re struggling
owners can’t. If you’re struggling to pay decent wage, that’s scary. One of the top reasons for business failure is slow cashflow – all too often because clients haven’t paid their
could be the difference between survival and failure. In fact, it’s so important that you should have a castiron invoicing strategy, contained within your collections or credit control policy. Here are two things you can do right now… 1. Decide how long you’re
invoices. So, what will enable you
prepared to wait to get your
to get paid on time? Here are a few
invoices paid.
to pay staff on time
pointers that will help…
and can’t pay yourself
The crucial importance of invoicing and how best to send them
It’s always best to send your invoices
The most important document in your
by email, but please make them easy
business is your invoice. Your invoice
for your customer to deal with.
a decent wage, that’s scary.
20 | Issue 1 – Finance
2. Create a simple collections policy for your business to make getting paid as important as making a sale.
