Counter-intuitive? Maybe… Most people have strong feelings about being collected from and collecting from their clients. In fact, if done right, this can have the exact opposite effect. When dealing with the business client that need your service, you are already doing well, being able to sell them yourself once. Now it is up to you to keep them happy and retain their business for a long time. The only time you will hear from
Fact, people do things that are benefiting them. This is especially true when these people are in business with you. You choose to sell to your clients for profit and they buy your service or goods because of the value they see in it. A win-win! Sometimes, especially when the going gets tough, people make choices that aren’t a win-win, but benefit one side only, their side. If a client of your has $100 to
Every business owner or manager prepares a business plan every now and then. Business plan tends to include an executive summary, a description of the business opportunity, marketing and sales strategy, operations and financial forecast. The financial forecast usually includes sales forecast – the amount of money you expect to raise from sales. It also includes cash flow statements – your cash balance and monthly cash flow patterns for at least the next 12 months.
End of the year is looming around the corner. For most people, it is the holiday season. For business owners and their finance team, it is so much more. Q4 is crunch time. Everyone trying to meet their goal and make a final push, selling, delivering and collecting payments. You will be tempted to focus on bringing more business and closing few deals, but at some point, you will find yourself scrambling to improve cash
Aging Report not to be confused with Accounts Receivables or AR or also A/R is a categorization of invoices outstanding or customer’s balances by the length of time it is outstanding (unpaid). The name aging report derives from the age invoices/ balances on it. The aging report is a business intelligence tool that can be used in multiple ways to drive business decisions and action. Rule of thumb is, it is better not to have
Regardless of if you are dealing with a small client or a large corporation. Or, if you are the one drafting the agreement or your client’s legal department there are few guidelines that will reduce delays in payment. At first glance, payments should be easy. You deliver the product and client pay X dollars. In real life, things are little more complicated. The golden rule of collections is- every time there is an uncertainty,