Given today’s bad global and local economy, businesses are called to adjust, or as the title suggests, die. Slowly and painfully.
Cash flow efficiencies and profitability have never been so vital for any organization, from sole trader to banks. After all, a profitable business without cash means nothing more than a bankrupt business.
We and I mean all business owners, are called to ensure we spend as little time as possible on administrative functions and focus where really matters; in adding value to our clients.
Below are some solutions we have offered to our clients to date. We recommend you follow them immediately.
Tailored Cash Flow
A simple tailored made cash flow solution is essential for all of us. An excel sheet will do the job. It should be readily accessible from all your devices (mobile, pc at home, pc at work, tablet) and should be updated weekly or immediately upon cash receipt / payment information.
Recurring income and expenditure should be set up for the entire year so that you only adjust the non-recurring cash receipts / payments on a monthly basis.
Such cash flow will set expectations and pressure to you, and in effect your organization.
Trust me, as soon as you start using one you will not be able to live without it.
A monthly target should be set for cash incomings. This is vital! And it should be communicated to sales people who should have clear monthly sales targets.
Cash flow should be updated daily or at least weekly based on your business model.
Raising Sales Invoices
There are cheap or even free solutions for raising sales invoices. In seconds!! Even from your mobile!!!
Such solutions ensure that once sales invoices are raised, they are added on receivables lists and aged debtors lists and offer options for automatic reminder follow up (if not paid within specified period). The user can adjust the e-mail wording accordingly.
Imagine how your business would run if say 80% of your clients are been chased automatically and you select which ones to chase personally.
All of these functions can be set up via your smartphone on the go. Again, within seconds.
Imagine how much time you just saved and how much better your cash flow will look like within two months of applying such systems; the clients who delay paying you will get two reminders without your involvement.
Not to mention a dash board which shows how many sales you have generated each month, how much money you have received each month (cash inflows), debtors ageing, invoices raised by each staff, charts etc.
Again, these can be observed via your smartphone.
This is what we like to call; a game changer!!!
There are solutions that offer up to 3 automated, tailored made e-mail reminders. This function is really great!
There are programs that connect all social media accounts together in one platform at a very low cost ensuring that you can post your articles once in one place (hence saving time and effort) and getting them published across all social media platforms.
This is very cool. You have to admit this.
Do you use one? Why not? Do you afford your employees to lose 1 hour per task?
There are messenger services which charge as little as Euro 2.5 per route.
Choose high tech accountants and consultants. They can advice you about the above and most importantly, they themselves have established such mechanisms to save time for both of you.
Take us for instance; we have created a free mobile application that is essentially a financial advisor to our clients “on the go”. Further to providing our clients with tax calculators, lots of tax tips and valuable information on how to run a business, we have also stored their financial statements and tax returns on their smart phones.
By doing so we save them and our firm time in searching for them. Most importantly though, we gave them instant effortless access to their financials statements!
Cool again, hey. We all save time, hence we are all more efficient which allows us to focus on what really matters; adding value to our clients.
That’s all for now. Do let us know your thoughts and contribute to the conversation.
Our team is always here to support you,