TOP TEN TIPS TO KEEP YOUR CASH FLOWING...

1. Get to know your Customer...
* Credit check and monitor so you get alerts when things change
* Request and check references
* Set manageable credit limits

2. Agree payment schedules...
* Set them out at quote stage
* Perhaps cover cost of materials up front
* Set and agree stage payments

3. Get agreements in writing...
* Don't take verbal assurances no matter how quick they need the job doing
* Get a purchase order even if it's just a name
* Check that the person placing the order has the authority to do so

4. Process check...
* Do they have a set deadline for payment runs?
* Do they use purchase orders?
* Do they need the invoicing worded in a specific way?

5. Check your bill has been received...
* Iron out disputes early on - don't be surprised 30 days later
* Is there anything else they need?
* When can payment be expected?

6. Chase when you say you'll chase...
* If they've given you a payment date, call a couple of days before to check it's on its way
* If you say you'll call back tomorrow, call back tomorrow
* Follow their process so there are no excuses

7. Ask for help...
* From me Hungry Horace :)
* Debt chasing Agencies
* Invoice factoring
* Solicitors

8. Streamline business processes...
* Utilise business support - they are a very valuable asset
* Get the right people doing the job - someone who enjoys doing it
* Fee earners chasing money eats in to your profits!

9. Manage and monitor suppliers...
* Credit check and monitor them too
* Spread your credit
* Meet with them regularly to review prices etc

10. Learn from your mistakes... 
* Make changes
* Mitigate the risks
* Don't be a busy fool!

The definition of insanity is doing the same things over and over again and expecting different results!