Benchmarking is an important exercise. It lets you understand your performance relative to industry. More importantly, its lets you identify gaps in your business based on data, rather than intuition. Without benchmarking, it is difficult to tell if you are over or under-performing and you might focus on improving the wrong areas.
We are continuing to crunch the numbers on 300,000+ invoices to bring you insights to improve your cash flow. This time, we dive into the value of invoices issued vs time to get paid.
Any business owner will tell you that managing business cash flow can be a real juggling act. Cash flow is one of the most common problems that cause business owners to lose sleep. Gaining control of your business’ cash flow will go a long way to improving your peace of mind and reducing stress.
A key issue in managing your cash flow is getting paid by your customers as quickly as possible. Since most businesses don’t get paid upfront in cash and rely on issuing invoices to customers, it’s really important to speed up the time to get your invoices paid ASAP.
Do you have late paying customers? We found that 54% of all customer invoices are paid late. This is a major cash flow drain to your business. Stop playing bank to your customers and get paid faster with this 3 step process.
Majority of businesses offer trading terms to their customers. This is especially true for B2B companies. We found that 81% of customers are offered trading terms by businesses.
Following the Commonwealth Bank scandal, public attitude towards financial planners are at a low. However, the core service provided by financial planners is still very much in need as there increasing pressure for Australians to stay in the workforce and fund their subsequent retirement without recourse to government benefits.
Newsletters are a great way to engage with your customers. Tools like MailChimp make it quick and easy to send bulk emails to drive new business and keep customers on update with your business. Consider sending industry specific newsletter to you customers with the latest industry information impacting their business.