8 Simple but Effective Tips to Improve your Cash Flow

8 Simple but Effective Tips to Improve your Cash Flow

The customers who owe you money are more important than those who don’t! It’s much easier to ensure customers pay invoices promptly then it is to attract new business and make a sale.  With this in mind, implement these 8 tips to ensure you are doing everything you can to ensure positive customer cash flow in your business:

1. Have a ‘Service/Payment’ Agreement in place before you start any work
2. Request a higher deposit before starting work
3. Ensure progress payments are made on time
4. Request final payment on job completion
5. Invoice for work immediately after it has been completed or as soon as possible
6. Reduce your payment terms
7. Send a reminder on the day an invoice is due
8. Follow up overdue payments immediately/consistently