Healthy cash flow is critical for any successful business. smartAR understands getting your hands on your cash (and then keeping hold of it!) can be difficult. That’s why we’ve put together these tips.
We’ve used these successfully with hundreds of clients, so we know they work.
How much they’ll help, depends on you and your business. You’ve got nothing to lose, so why not give them a go?
Here are five top tips for better cash flow:
One – Get busy now
Most businesses have a bunch of debtors to chase. Act right now. If you don’t, you’ll be the firm ringing clients who have already paid their other suppliers but now have no free funds to pay you.
Two – Use the phone
Did you feel like last year you were constantly chasing debtors? Are you more likely to pay a creditor who calls you and asks to be paid personally – or the one that sends a passive request via email or post? It’s a no-brainer who gets paid first. If you hate chasing debtors (it’s not everybody’s favourite job) consider smartAR Outsourced Ledger Management.
Three – Offer smartAR Fee Funding
If any of your debtors owe multiple creditors money (more money than they have to hand) that’s the perfect client to offer fee funding to. Your firm gets paid in full and your client can enjoy equal monthly payments for up to a year with very lttle extra cost. It’s a win-win, leaving you paid in full and them with more funds to pay other creditors too. Contact us if your need a Fee Funding refresher.
Four – Anticipate objections
Some clients will resist paying – guaranteed. A few will have genuine reasons (e.g. the work hasn’t been completed), others will make excuses because they don’t have the money. Make sure your person calling clients is prepared with responses to common objections. If you don’t use a script to guide your responses, we recommend using our free script. It covers most scenarios and better still – it works.
Extra Tip – Anticipate the coming year
Did last year feel like the year when you were constantly chasing debtors? If so, why not set up your terms of trade and debtor systems to avoid it happening again this year. Contact us for some ideas how to avoid this scenario.
Why do you need a cash flow strategy?
Understanding our top five tips is great, but… putting them into practice and having an effective time frame is fundamental. One of our cash flow specialists is ready to help you formulate an effective cash flow strategy so you can improve the speed of your own firm’s cash flow.
Lock in a convenient time to talk with one our professional service – cash flow specialists.
We’ll ‘deep dive’ and review your firm’s cash flow, giving you the best chance to increase cash flow for the busy year ahead.
Schedule a free strategy call now.