In today’s world, we expect to get whatever we want immediately and, as a result, we have created quicker ways to do almost everything, from cooking to communicating. For the business community, most would settle for simply getting invoices paid quicker by clients.
With the popularity of credit and accounts receivable, it seems no one pays for goods and services on the spot. If you give customers 30, 60 or 90 days to pay a bill, they will typically wait the full 90 days. However, getting invoices paid quicker by clients would likely provide a significant boost to your business; you just need to know how to make it happen.
Is There Ways to Get Invoices Paid Quicker by Clients?
If someone asked you to provide your name and email address on a piece of paper, you would probably refuse. On the other hand, if they said you could get something free for your information, you may comply. Telling you that you can get free advice to grow your business might make you do so even quicker.
In other words, incentives are powerful, and the bigger the incentive, the better the response will be. There are several ways you can get invoices paid quicker by using a few enticements.
For example, you can offer something extra for early payment, such as coupons or discounts. Contests and prizes may work, too. This also encourages repeat business.
You can also adjust your invoicing structure to get money coming in sooner. For instance, don’t wait until the end of the month to invoice. Additionally, you can offer something special for those who pay cash.
What Options Do You Have When You Can’t Get Invoices Paid Quicker?
The accounts receivable gap has been a contributing factor in many small business failures. It is easy to think your business is doing well when, in actuality, you have no cash to handle daily operations like making payroll, paying rent or purchasing supplies.
If you find yourself in this situation, a cash advance company like Financing Solutions (www.fundmypayroll.com) can help you get out. They can get you the quick business financing you need in less than 48 hours. All it takes is a 15 minute phone call to apply.
With Financing Solutions, you can use those invoices to get cash now, based on a percentage of their value. Best of all, there is no long term commitment. You can repay the funding in a few weeks or months, when your cash flow situation improves.
Other Ways to Quickly Improve Your Cash Flow
Money going out of your business is just as important as the funds coming into it. One way to enhance your cash flow is to pay your suppliers only when the bills are due. This will keep your cash in your hands longer.
Another tip is to promptly address late or overdue receivables. Sometimes, your client may only need a reminder, but you should use collections agencies for those who don’t pay or are chronically late. You can also request partial payment upfront for these clients. Your cash flow will automatically increase when you get the money you are owed.
Perhaps the easiest way to improve your cash flow is to contact Financing Solutions. They can provide the quick business funding you need until your invoices are paid.