New Year’s Resolutions

Big Ben has chimed for the twelfth time, the last strains of Auld Lang Syne fade into the night, it’s a new year and you have big plans!

The break that business owners can get over Christmas gives time to reflect on the year just gone and compile a list of resolutions for the coming one. Resolutions about taking control of the business and giving it a good dust down and shake up.

For business owners, resolutions tend to focus around their finances, whether that’s growing them, investing or being more secure with their cash flow.

Sadly, a lot of resolutions fall by the wayside before we have even entered February. There are steps you can take to be more in control of your businesses’ financial situation that are realistic and so more easily kept as resolutions. Small steps can lead to big change if they are routinely implemented.

1. Resolve to fully understand your current financial position.

This means having a look back over your accounts for the past 12 months. Do you fully understand the financial health of the business? Are you paying unnecessary payments to software or products that aren’t being productively used anymore? Have you reviewed your telecoms suppliers, or insurance provider to ensure you’re getting the best deals available? Having a good, clear and comprehensive understanding of where your business finances are up to gives you a great platform to move forward from.

2. Make it as easy as possible to get paid

This may sound like an obvious one but making sure you make it as easy as possible to be paid quickly makes sound financial sense. Ensure that your invoices are clear and you have very clearly stated your payment terms on them. Being accurate reduces the chances of people querying the invoice or asking for it to be amended before payment. Ensure all details are correct, addresses, amounts, services or goods provided, this means there is much less opportunity for any stalling opportunities from clients.

3. Make sure your systems are robust

Review your current credit management systems. How many people are paying late? How many late payments turn into debt that then takes time and energy to recover? How much time and resources are going towards making sure you get paid on time? Poor cash flow is a leading contributary factor in the closure of businesses. They just can’t continue without a healthy and regular cash flow into the business. The ability to expand, offer new goods or services or reach different markets is dependent on having the money to do so. If an invoice is paid late, it has a knock-on effect to your business.

Making sure the money comes in on time can take a lot of time and resources that businesses do have to dedicate to the job. This is where it makes sense to partner with a reputable agency who can support your business in this area.

Daniels Silverman is a family owned agency with a great track record of collecting invoices on time while preserving your relationship with your clients. We work alongside you, as part of your team and ensure that your clients are given friendly reminders of when an invoice is coming due. This proactive approach means that you are more accurately able to forecast your finances and plan with confidence.

There are no hidden charges or tricks, we offer this as a white label service and only ask for a flat fee, not commission, based on the number of invoices you need collecting.

If you want to make a resolution for your business in the new year, why not make one that’s easy to keep? Partnering with Daniels Silverman will put you back in the driving seat and able to focus on those other goals you have for the business on 2020.

You can get in touch via the website https://www.danielssilverman.co.uk/contact or call the office directly to speak to one of our friendly team 0151 7076061, we’d be happy to answer any questions you may have about how we can help you.