You wouldn’t think you’d learn a lot about cash flow from a cameraman, but boy was I surprised today when I did!
Producer Jane Applegate asked if I’d videotape three small business tips for our audience, which I love to do. It might just save a small business or two from the grip of bankruptcy.
Tip 1: Always get a deposit against a long-term project
The first tip was about a web designer who spent six months working on a website, billed the client and never got paid for it.
What’s the lesson? Always get a deposit against a long term project. If a client is unwilling to give you a down payment, they’re probably not serious about paying you either. Don’t get caught in that trap.
Tip 2: Always invoice smaller amounts more frequently.
Second, always invoice smaller amounts more frequently. That makes it easier for clients to pay you, it helps your cash flow and it reduces your collections risk.
While we’re shooting, the cameraman has an epiphany. He said he was doing a shoot for a big accounting firm and they told him when they started billing the client weekly, instead of monthly, they got paid 30% faster.
The cameraman took this advice and started billing his customers weekly. Instead of invoicing them $2000 per month, he now bills $500 per week. Guess what happened? He got paid in ten days instead of sixty days.
We’re not blowing smoke here at Best Small Biz Help.com! If you haven’t downloaded our whitepaper on cash flow yet, you need to do that. You’ll be reminded of tips like these and a few more that will improve cash flow pronto.
We’ll show you how to double your profits with the same effort in any economy. Take our Instant CFO Course, you’ll never be the same.
Here’s a note from one of our entrepreneurs:
“Dawn, I can’t thank you enough!! I can finally read my profit and loss statements! For ten years I’ve felt so inadequate not understanding such a key aspect of my business. In five minutes you clearly explained in detail how to use this invaluable tool; in a language I can understand! Thank you! I can’t wait for the next class!”
It’s all there for you in our training videos. Quick, easy and fun.
Need more help? Don’t Panic! Ask Dawn!
We’ll get back to you either online or via phone. Your choice. It’s the only live help desk online for small businesses.
And it’s free for now.
We don’t like to drive a car with our eyes closed. Neither should you run a small business without knowing the basics. We make it easy.
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Our Instant CFO, Instant Marketing Manager and Instant Sales Manager Courses will teach everything you need to know about running a successful small business. A $249 value for only $49. You get the Instant Marketing Manager and Instant Sales Manager Courses as a BONUS!
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Download Cash Flow Management Whitepaper
If you haven’t done it already, download our cash flow management whitepaper.
It’s free. I wrote it because no one else was talking about this stuff.
If you run a small business, you need to read it. Fast and easy.
Tell everyone you know who runs a small business they should read it too.
In your corner as always,
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