A lot of business coaches won’t talk about thisNov 11, 2021
This time I’m going to talk to you a bit about something most business coaches don’t mention enough: cash flow.
They want to talk about how much money they or their clients are bringing IN… it looks impressive...but the truth is, how much money going OUT is just as important.
And one of the things that creates a LOT of stress for entrepreneurs is inconsistent cash flow.
You may know what that feels like... like your money is on some kind of roller coaster: up, down, up, down. It can be so frustrating!
So I want to share a few tips to bring in more money, faster, and prevent cash flow problems.
For starters, if you’re going to offer your clients payment plans, you don’t want to get locked into a long plan that will drag on for months and months. They may stop paying. Instead, charge your fee up front and offer a plan with two or three payments with a 15% increase.
Let them know they save 15% by paying in full. This will encourage more clients to pay in full, up front.
Another thing you want to do is eliminate barriers to getting paid.
If you’re doing a service call, create a system where you, or your team members, are paid on the job. Alert your customers in advance so they are prepared to pay at the time of service.
And, third, accept credit cards and encourage your clients to use them. I do NOT recommend adding a fee for credit cards. You don’t want to discourage credit cards and then have to chase bills. (It’s far better to create processes for excellent service, every time, and raise your rates, then to tack on more fees for credit card use).
If you’re in a business that MUST invoice, consider discounts for fast payments and implement prompt late fees for overdue payments.
There’s more you can do and I teach a lot more strategies in my program around improving cash flow.
But for now, I hope that at least one of these tips helps you improve your cash flow!
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