Do you have an accounts receivable process?
If you answered no, there’s bad news for you…
Because that’s the second thing on this list of cashflow mistakes to avoid.
The other 6 are covered in the episode.
Almost every business will encounter problems that are a result of poor cashflow at some stage.
And absolutely every business could be better at managing cashflow.
It’s really important because as a business, getting this wrong is basically oxygen deprivation.
You can’t pay your bills and your business dies.
Yes, that’s the extreme end of the scale…
But the problems are just as bad at the other end.
Getting this wrong could mean your margin is slipping through your fingers every time you finish a job.
Without you really knowing it’s happening, or why.
It’s a sickening feeling realizing there are holes where you’re literally leaking profit.
Thinking about how long it’s been that way, and how much you’ve lost already.
Let this be your sign to see where you stand.
Plugging the gaps is often simple.
But the simple changes in behavior will have a massive impact.
Whether that’s for your business, as it becomes easier to pay bills or invest back into the business.
Or for you, as you find it easier to sleep at night because you know where the money’s going, and that it's not disappearing.
WHAT YOU’LL GAIN FROM IMPLEMENTING TODAY’S PODCAST:
- An understanding of the ‘cash gap’
- Mindset and strategy for success when collecting debt
- Processes you can launch into your business to improve cashflow
- Peace of mind that your cashflow isn’t being effected if you can check off each mistake on the list
LINKS MENTIONED IN THIS EPISODE:
- Book a FREE 15-minute call to learn what coaching could do for you business
- Join our FREE private community of trades business owners in our Facebook group
- Subscribe to our YouTube Channel
- Get a copy of the Profitable Tradie book
Thanks for joining us this week. Want to subscribe to The Profitable Tradie Podcast? Have some feedback you’d like to share? Connect with us and leave us a review with a 5-star rating. If you think that’s too high, tell us why that is, we’d love to hear from you! Just shoot me an email with the word ‘PODCAST’ in the subject line to firstname.lastname@example.org
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