Poor cashflow is one of the main reasons why businesses approach banks for finance. Typically they request an overdraft facility in order to bridge the gap between the payments they need to make to creditors and receiving payments from their clients.
But in some cases a cashflow crunch can simply be caused by poor administration.
We have talked previously on this blog about how systems and processes in terms of managing late payments is important and yet a recent survey has thrown up another reason… forgetting to invoice in the first place!
After all, you can’t chase invoices you’ve not issued!
According to a survey carried out by business and finance software provider Exact , out of the 450 SMEs which participated, 20% admitted to forgetting to invoice for services or goods at least once. The study also found that approximately 12% of the invoices were worth between £5,000 and £10,000, while six per cent were for services or goods worth more than £10,000.
So if you are suffering from strained cashflow don’t automatically go running to the bank, check you have invoiced for every order and of course chase those that are overdue.
I wanted to thank you for such an insightful, energetic, and entertaining talk at the Kevin Green Wealth event on securing funding and creating a successful plan. It was brilliantly executed and a pleasure to listen to and the ideas I’ve learned are definitely going to help me in going forward.
Hi Rob, it was so interesting and entertaining listening to you at the Kevin Green Wealth Coach Workshop in Reading this weekend! I didnt realise you can find Finance proposals such fun!. Brilliant tips! Thanks.
Further to your recent presentation at LEAD Wales just wanted to say it was very refreshing to see somebody talk passionately and positively about finance, very insightful!
Rob delivered a series of 3 workshops aimed at understanding how finance houses look at finance propositions with the aim for us as a team to deliver more of a bespoke offering to our customer base. The training was delivered to a mixture of staff who work with new businesses start-ups and existing established businesses across Mid & South West Wales. Rob delivered the training with an abundance of passion and has really helped my team look at financial propositions in a different light, many thanks again Rob and I look forward to work with you in the near future.
Rob kindly agreed to attend the recent Pontypridd RFC sponsors networking evening and delivered what can only be described as an excellent talk on 5 Tactics to Boost Your Business and Your Profits. He kept the audience engaged throughout and the feedback from everyone was excellent. Rob is very knowledgeable on business and finance and on top of that is a genuine nice guy. We hope to have him back at a future event and I have no hesitation in recommending Rob’s services.