Today we’re talking about money. We all need it – bit like oxygen or food or water really.
But funnily enough so many business owners ignore it and hope it will sort itself out, and when it’s in short supply they panic. The trick is to keep a steady flow of it coming in to compensate for the constant flow of it going out. It’s not that easy sometimes though is it? To help us figure out how to improve the flow of cash into our business, I’m talking to a lady - who loves the numbers - who has helped many trade business owners do just that. Listen in as she tells about how she helped one of her clients back to good health by helping them to reduce the money owed to them at any one time by 400%. Pretty impressive. And it’s not rocket science.
We have a great quote to get you motivated to do something different – today.
Finally – I have a favour to ask.
So let’s get stuck right in to the money part of it and find out from Katie Marshall of Efficient Business Services about how to improve cash flow so we have enough to tide us over during the Christmas break – and in fact right throughout the year. Stay tuned to the end, as a Katie has a very generous offer for listeners too.
|2:50||Katie’s surprise alternative career if she wasn’t a bookkeeper|
|5:12||The first step to getting your finances sorted out|
|7:15||The typical invoice payment situation around Christmas|
|8:15||First step to getting your cash flow sorted|
|9:00||Second important step to ensure you get paid on your terms|
|11:15||Third step to ensure your account customers pay on time|
|12:15||How Katie helped a fabricator reduce invoicing from an hour to 5 minutes and get paid a lot quicker|
|15:30||Fantastic free special offer from Katie for listeners|
|17:15||One of the most common and worst mistakes that tradies make to try and fix their cash flow issues|
|19:00||Final piece of advice for getting your cash flow sorted|
Key Takeaways on Tradies Cash Flow
- Don’t hold off on invoicing. Do it straight away, otherwise it could be 60 or even 90 days before you get paid if you are late with issuing your invoices. If creating invoices takes ages which is why you put it off, then Katie can show you how to get it done a lot faster.
- Make sure you clearly state your payment terms up front. For most trades you should be getting paid on the day.
- Make it easy for people to pay – offer a variety of payment solutions.
I attended a workshop a couple of years ago where the speaker said something which has stayed with me, and changed the way I do things. "Never take your eye off your wife or your money. Treat them both like precious gold, or you could easily lose them."
You need to know the numbers in your business. It’s your business, it’s your responsibility, so get help if you need it. It could have a big impact on your business and personal health.
Special Offer to Help You with Cash Flow
Book a Chat with Katie
Not sure who this is by – but I love it. What are you going to do today? Make a commitment to yourself to do one thing.
- It might be getting your cashflow sorted. If so – book your free call with Katie.
- It might be getting your website sorted or your customer marketing sorted. If so, call us. Book a time with us to have a chat about your marketing.
Whatever you decide needs to be done to move your business to the next level – do it, don’t procrastinate.
Would You Help Me?
Now here’s the favour I’m going to ask.
I’d like some feedback on whether you are finding these podcasts useful. If you like them, or don’t like them – please let me know by leaving a review on itunes.
Which was your favourite podcast? What kind of topics would you like to see covered? Without any feedback I’m feeling a bit in the dark and not sure whether to continue doing them or not. It takes quite a bit of time and does cost me a bit to produce them, so if you are finding them helpful – or not – please let me know. I enjoy doing it cause I hope that it helps you to learn new things and to stay motivated to try some of the ideas out in your business. So if you would be kind enough to leave a review on itunes or enter your feedback in the comments section below on this blogpost or on any of them – at tradiesuccess.com.au – I would be very grateful.
Thanks folks – talk to you soon!
Katie’s Website: profitfirstfortradies.com.au
Cashflow and profit help: Book a chat about your cash flow with Katie
Get Marketing Done For You: commonsensemarketing.com.au
Get a stylish low-cost tradie website: instanttradiewebsites.com.au