It’s often said the things we focus on are the things that flourish. This is so true in every aspect of our lives. Avoid something, it doesn’t go away-usually gets worse. Always there. Every time you see the note, your dislike grows.
Look at your business. Which parts are doing well? What parts are always behind? Always nagging at you? Whenever they cross your mind, you mentally groan. “Gotta get to that.”
Chances are you enjoy developing new products and services. Innovation is the exciting part of any business, and bringing it to market. Presenting the latest to new and current customers you have to offer them is the enjoyable part. And, the excitement and satisfaction when they order it is totally fulfilling.
Behind product development and successful marketing is the maintenance of your business- the gears that make it move forward, paying the bills, and keeping everything financially on track. The cash flow part, paying the bills, planning what to pay when, calling on overdue invoices, is not something you look forward to doing. Yet, to grow, even survive, you must have money coming in on a steady basis. You put it off. When you finally get around to doing it, then you have to find the invoices, were they paid or not, (don’t want to offend a customer by calling on something already paid), to whom do you speak. You don’t really want to talk to the person who is giving you your contracts or orders, but that’s usually the person you speak to. This is getting more uncomfortable. You may even be getting a headache.
After looking at the bills that are due, and your checking account balance, you realize, you must make these calls. So, you start dialing for dollars.
Just a few of the scenarios that take place.
You get voice mail. Decision-do you leave a message or just hang up and call back.
You speak to someone who says they’ll look it up and get back to you. Not as bad, but still not rewarding.
Another person-we have not record of the invoice-can you email us a copy. Well, sure, I’ll send it out right away. But that’s not going to bring in immediate cash either.
Another call, a live person says, yes, it’s in the system. It will be paid when we cut our next checks, next week. You are tired, this is not rewarding, and you still don’t have money coming in quickly.
Do any of the above sound familiar? Frustrating? You have a new product, sold to new customers and existing customer and you want to get it out the door. But you need money for supplies and payroll, plus rent and phone bills are due. This is just the business, you still have personal bills to deal with.
This takes a lot of your time, energy, and saps your enthusiasm. You look up only to find the day is at least half over, and your list for today is basically untouched.
You really cannot effectively do it all yourself. You can have steady cash flow, and professionals handle your accounts receivables, sending them out, following up, and making sure they are paid on time. You can focus on the products and marketing to make your business grow.
Factoring/invoice financing has been used around the world since Biblical Times. At some point, the majority of businesses use this financial vehicle to help maintain or grow their business.
Call or email for more information on improving your cash flow.