Crab Insight – December 2021

Red Tape Busters Volume 9, Issue 03, `Cash is the lifeblood of your business’

 

Welcome to the December edition of Crab Insight

At the height of the pandemic most of the businesses that were still operating had to do so with reduced amounts of cash circulating. An absence of cash in your bank account can make paying your own invoices tricky, which is why maintaining a steady stream of cash is a reputational matter. We’ll be talking about how to keep the cash flowing at our Online F2 Business Huddle is on Friday 12 November.
 

Claudia Crab’s December Focus

Claudia the Crimson Crab icon

“Keeping the cash flowing”

If I had to run a company on three measures, those measures would be customer satisfaction, employee satisfaction, and cash flow.” Jack Welch, Former General Electric CEO, author and chemical engineer

Keeping the cashflow going is like building a house: start with the foundations and work upwards.

Whilst the knowledge that you have the overhead protection of pursuing your case through the courts may give you some comfort if your client doesn’t pay, if you haven’t done the groundwork beforehand then making your case to a judge will be much more difficult if push comes to shove. Putting in place a few basics – Terms and Conditions, Statements of Work and checking out your prospective client’s creditworthiness – every time you engage a new client will allow you to present a stronger case if a debt ends up in court. More than this, a professional and systematic approach to will also enhance your reputation as you’re demonstrating that you’re someone who is serious about they way that they do business.

The big question this month is:

What does my approach to cashflow say about the way I do business?

 

 

Top tip: introducing systems, process and checks to reduce the risks of non-payment is a prudent investment.

 


F2 Business Huddle Online

Friday 10 December 2021

12 noon to 2 pm Future F2 Business Huddle dates for your diary Friday 10 December 2021

Get your ticket on Eventbrite


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Until next month look after your reputation!!

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