How do I get paid for overdue invoices?
Are you struggling to get your invoices paid? Are you sitting on a pile of unpaid invoices that is damaging your business? Do you see the money that you are owed not getting paid and is that affecting your ability to pay wages for you staff and to be able to grow your business?
I’m owed money, how do I get paid?
This money that you are owed could be used in your business, it could be used by you to grow your business, to hire more staff to be able to upgrade your systems to make your business more effective. But the reality is that you are struggling to get paid this money and you don’t know when it will be paid.
What you need is a better way to chase this debt so you can start to use this money in your business and to start to see your business grow.
This is the reality for nearly all businesses. But chasing this money to paid is really a skill that you more than likely don’t have in your business. You need help to do this effectively and to make sure that you can get paid.
Are you spending all your day chasing debt?
Being owed money and chasing debt is a waste of your business’ resources. You not only have to do the work, you now have to spend time and money to chase getting paid.
You have to spend your time calling customers, emailing them and chasing them for payment. If you’re lucky you have someone to do this for you. But then you are paying wages for someone to do this rather than doing work that you get paid for. It’s a waste of time and resources that will affect your cashflow and your profits.
The most important thing for any business is cashflow. You need to be getting the money paid for what you do. The profit in your accounts is essential for your long-term survival, but short term you need to make sure that the cash is coming in to your bank account to pay bills and to keep your business running.
The job is not complete until you are paid for doing it.
Is this affecting your business growth?
When you don’t get paid for the work that you do it will affect your business growth. It will hold you back in being able to invest in your business and being able to grow. It will stop you being able to get the freedom that you want in your life.
You won’t be able to take on the staff that you need to reduce the stress and workload you are doing. It may mean that you can’t pay yourself the wages that you need and you may delay taking this money until you get paid for this work. This may take months, what you are supposed to do in the meantime? Do you get to pay your bills?
Having money tied up in debt is not good for you or your business, you need to get paid.
You need a system to get paid
Having a system in place in your business that means that you get paid on time is essential, you need certainty that you will get paid once you do the work and that you don’t have to spend your time and wasting money chasing to get payment. This will put pressure on your cashflow and reduce the profits that you are making.
Not only will this mean that you are not wasting time trying collect payments for your invoices but having this money in your business bank account will mean that you can do so much more with it.
You can start to invest in your business, get paid the money that you are due and to be able to take on staff to help you and reduce the stress that you are facing. It will mean that you get the freedom back and that you will start to enjoy the work again.
How do I get paid for overdue invoices?
You really need to be aiming to have no debt outstanding to your business. That is before you do the work it is paid for already. It is really frustrating when you spend your company’s time and resources on work for your customers that you don’t get paid.
When you get paid for these invoices on time you know that you can start to plan and invest in your company. That you can start to plan with certainty what cash you are going to be paid and what you need to be paid. When you have this process in place running your business becomes a lot easier and less stressful.
When you get your finances working properly it becomes easier to see that the business starts to run itself, the staff do the work and you can concentrate on growing your business and having the freedom that you want.