Never mind three wise men, what about three wise tips to getting paid…
The invoices you raised in October are your Christmas Cash-Flow.
To maximise your chances of being paid these invoices before the Christmas break, it is vitally important to you have all your checks and balances in place.
This year, a lot of companies will shut down for Christmas around Friday 22nd December (if not before…) and the likelihood is, they won’t be returning until the New Year.
This means that you’ve only got three weeks to recover four weeks worth of invoices.
Don’t be phased though, use the last weeks of November to action your Christmas Cash-Flow Plan.
With a bit of careful thought, planning and action, you can maximise your chances of December being all… Ho-Ho-Dough !
1 – Review all of your invoices that will soon be falling due.
Have all of your invoices been sent ? Can you send them again by email also to ensure receipt ? Do your invoices contain all the information they should ? Most importantly, do they contain your bank details ?
Now is the time to make any amendments to any invoice and get them sent again to the customer.
2 – Find out when your customers are closing.
Pick up the phone. Use the opportunity to continue to grow your business relationship but also find out when your customers are closing for Christmas. Make a note and you’ll ensure you’re able to chase your invoices when they’re actually around. Finally use the opportunity to make sure they’ve got your invoices and that they don’t need anything further.
It may seem cheeky to ask about invoices that aren’t yet due but it’s better to resolve challenges now than when the time is ticking.
3 – Set two dates in your diary for credit control.
December can be a manic month, we’re trying to fit four weeks of work into the three weeks on offer. As a result, we have a tenancy to concentrate on sales and revenue and NOT financial admin. By physically putting two mornings into your diary, be it Outlook, Google or whatever method you use, you ensure that you spend time of the important function of Christmas Cash-Flow.
A good tip is to diarise the first and second Thursdays of December. People often take Fridays off Christmas shopping.
There’s just a few tips as to how to reduce your Christmas financial stress, whilst all along increasing your chances of Christmas Cheer.
Don’t worry if it seems a lot, we’re always on hand to discuss, advise and guide how you can implement same and should it all seem too much time and effort, then we’re there to pick up the baton for you instead.
Enjoy the rest of 2023, from all the Team at Corp & Comm.