Sin #3 Receivables - letting customers pay you only after you paid your staff and suppliers

Welcome, dear listeners, to another insightful episode of Prosperity on the Horizon!In this episode, we're tackling a crucial question that often plagues businesses: the timing of payments. Should your customers pay you before or after you've settled with staff, suppliers, and expenses?We'll explore the ramifications of delayed payments, the strain it puts on your cash flow, and the ensuing business pain.From streamlining your invoicing process to setting clear payment terms, we've got you covered. We'll guide you through the maze of progressive invoicing, leveraging retainers, and implementing follow-up procedures. Plus, we'll explore the importance of strong client relationships and the benefits of upfront deposits or partial payments. It's a treasure trove of strategies to optimise the management of your receivables.Remember – your business's vitality lies in the proper management of receivables.If you are listening to this series, chances are you are already on your way to exploring your numbers with a desire to understand and master your business finances, realising the transformative power that numbers hold for your business success.To help you on your journey of building a thriving business with healthy cash flow, I’ve created this podcast series to highlight the biggest mistakes that prevent businesses from succeeding. To assist you in maintaining a healthy cash flow in your business, I walk you through The 7 Deadly Cash Flow Sins and give you tips and strategies on how to overcome them.You can grab a free copy of my e-book ‘The Seven Deadly Cash Flow Sins’ right here, right now.You can also subscribe to our ‘Prosperity Playbook Bulletin’ to get notified when a new podcast episode is released, and of course you will get a lot more value out of it.Where to find us:Available on all major podcast platforms: Apple Podcasts, Spotify, Google Podcasts and Amazon.Subscribe on your favourite podcast app to stay in the loop with every insightful episode.If you’d like to find out more about Julianna and her business, visit www.horizonaccounts.com.au or follow her on LinkedIn and Instagram @horizonaccountsStay tuned for the next episode of Prosperity of the Horizon, the podcast that transforms businesses through the power of numbers and the story behind them.