Here it is, are you ready? The number 1 way to get paid faster and increase your cash flow is VERY simple. INVOICE your clients! On time, accurately, and with all of the information they require. That’s it.
I cannot tell you how often I see businesses that are really struggling with cash flow, but they aren’t staying on top of the invoicing. Or, they are sending invoices that are not accurate or don’t contain the basics (like the customer purchase order number).
Invoicing your clients should be the number one priority of someone in your business. It doesn’t have to be you, but it does have to be someone. You don’t get paid until you invoice, so get them out as soon as possible.
You can ask anyone who has ever worked for me that I entrusted the invoicing to… I am fanatical about getting those invoices out the door. It is the absolute easiest way to get your cash flow flowing. Not to mention, it’ll save future cash flow if you don’t have to borrow on your line of credit while you’re waiting to get paid.
Often, business owners do the invoicing and it’s delayed because they are busy, they hate the process… The list of excuses goes on and on. Stop the excuses and either find a way to make the process flow easier, so it doesn’t feel like such a chore (yes, I can help you with that) OR assign the task to someone else.
Sometimes the solutions to your problems are easier than you think. For more tips on increasing your cash flow, establishing your business credit, and getting through a cash crisis, take a look at my e-book: Cash is Cash: Strategies to Keep the Cash Flowing.
If you want more hands on help, sign up to attend my “Getting Paid” webinar. Send me your questions about getting paid and I’ll answer them on the call.