Cashflow Strategies

GET TO THE CONTEST

On this episode of Get To The Contest Small Business Podcast, we talk to Stuart Balloch, Payment Specialist at GoCardless. We talked about cashflow solutions and how it important it is to be paid on time especially for small business owners.
Here are some key takeaways from our conversation:
1. Be transparent up front
Transparency is key to making sure that the cashflow is organised and understood clearly. Right off the bat, get clear on how payments will be made, when payments are due and all related concerns in relation to payments. It is important to be transparent and upfront in doing business to avoid surprises in the long run.
2. Get rid of the friction
Make it easy to do business with you. A seamless experience in payments and invoicing makes less opportunity for problems.
3. There is cost to not managing your cash flow well
Chasing debtors is expensive. A poor cash position can then eventually turn to missed opportunities. Take a proactive approach & don;t allow customers to cost you money.
4. Be open to change
There is always a better way to do things. Open your mind to new technology and making an effort to learn and find ways to constantly improve—may it be in your cashflow system or even in managing your team. If a new system or technology can create a more efficient and effective way of doing things, it is worth looking into.
Get in touch with Stuart Balloch through LinkedIn -- https://www.linkedin.com/in/stuart-balloch/
Have any questions for us? Reach Warwick Jackson through [e-mail] or follow our Facebook account and visit Get To The Contest website for more.