I really am not a fan of invoicing clients, there is always a risk they won’t pay the bills on time and it’s going to fuck up my cash flow.
I don’t think I ever understood the term “burning platform” until about four months ago.
Australian businesses are waiting nearly 8 weeks to be paid by customers, with the average invoice payment time taking 54 days during 2Q, barely changed from 55 days in the previous quarter, according to Dun & Bradstreet’s latest Trade Payments Analysis (TPA)
Compared to more established SMEs, start-ups worked less hours for better financial reward last year and are more confident about this year’s revenue performance, according to Australia’s largest accounting software provider.
Savvy entrepreneurs faced with a shaky economy are understandably more fiscally cautious when launching a new business venture. Today, investing a great deal of money in a start-up can be a risky choice and, for some, it’s not even a possibility. However, that reality shouldn’t stand in the way of your career goals.
Here are some stark facts… 92% of small to medium enterprise owners/managers frequently stress about cash flow. 80% say cash flow affects their home life. 52% have taken a pay cut and end up running the business to pay their staff not themselves!
One day, if we’re sitting down late at night over a good bottle of wine I will tell you about my dark days in business. Before the age of 30 I had made millions and lost it all … Twice! Along the way (and even in the “good” times) I’ve had some pretty down days. I’ve had days where I was so on edge that I felt sick. Days where I wanted to run away. Days where I shouted abuse at my closest allies. Stuff I’m not proud of but stuff I’m sharing with you because in business it happens to most of us.
The July 2012 MYOB Business Monitor found fewer than one fifth (19%) of the 1,004 business owners and managers surveyed nationally expected the domestic economy to improve within 12 months. This is unchanged from the March 2012 report, which revealed the lowest percentage recorded since the March 2009 report (16%).
Cutting your administrative charges (also known as “selling, general and administrative expenses”) is a good way to increase profit, especially when the company is having a difficulty in increasing its sales. Review your internal policies and procedures and identify procedures that cost money and figure out ways to save some money. In the long run, your savings from this aspect will help your company achieve financial growth.