10 steps to improve your cashflow in 30 days
8. Set terms and follow up
- Whatever terms you decide on, make sure they’re adhered to.
- Always follow up to make sure you’re paid.
- Some companies will pay their creditors in order of who is most demanding of being paid!
- If you don’t want to follow up, have someone do it on your behalf.
- If you are a solo professional, I highly recommend that you find someone to follow up on your behalf, so you can look after the client, have someone else interface with their accounts department.
9. Client growth
When you need more business the golden rule is always to revisit your existing/previous clients. Do they need a refresher; do you have a new service to offer them; what ways can you add more value to their organization? Do you have any inactive clients who you need to reactivate? Spend some time to think about your client base, and what you can do for them.
10. Find your friends
This strategy goes hand in hand with number 9. Catch up with everyone. Where appropriate, ask for referrals to increase your potential leads; meet with ‘connectors’ to increase your contact base. Get out there and talk to everyone.
Finally, stay calm, stay focused on what you have to do to sort out your cashflow, then focus on getting new business and increasing your revenue in the next 30 days.
–Jenny Stilwell is managing director of Bossmentor, which provides strategic advice and support to help business owners get clear on their strategy and the right structure to achieve growth.