Get paid quickly
Only half of UK small businesses are cash-flow positive. Speed matters in client services businesses, so get paid quickly.
Speed matters so get paid

Speed matters, so get paid quickly

Published:
February 15, 2019

#SmallBusiness60: Episode 3

Every year over 600,000 businesses in the UK experience problems with late payments. On average, small businesses spend an extra four hours per week managing them and chasing them.

In Xero's December 2018 small business insights report, just half of UK small businesses were cash-flow positive, and it took on average 38 days for a 30-day term invoice to be paid.

And yet, you and I know that speed matters in small business:

  • Time to respond to an enquiry;
  • How long it takes us to book time with a prospect in our diary;
  • How quickly we turn around a quote, or a summary of that meeting for our prospect;
  • And the time it takes us to get paid and then implement what the client wants.

But the average client services business spends way more time doing administrative tasks and follow-up activities than they'd prefer to do so. Wouldn't we rather be serving clients, or spending more time away from our desks with our families?

Speed matters. Is it time to take a look at how quickly you're completing those four key steps, and the impact that's having on your business' cash flow?

Getting paid is core to Connectably. In this week's 'Connectables' Live Training (Friday 15th February at 10am), I walked through how to create simple order forms for your services.

About

Gareth Everson

Gareth's the founder of Connectably. He's a business systemiser who helps small business owners who aren't always natural "software people" to systemise their processes, understand marketing technology, improve client experiences, launch new services, get paid their true worth, and increase the value of their business. Connectably is a self-funded software business (founded 2017) that serves other small businesses. You can follow Connectably here, and connect with Gareth here.
Author: Gareth Everson - Founder Connectably

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