Are you experiencing high growth? I've witnessed first hand how high growth companies can go right out of business because they do not have a handle on their cash flow. It is heartbreaking and frustrating! I see this happen more often than I should. So here are 4 tips to help you get, and keep your money where it belongs...in your pocket!
Some things that are important if you are growing faster than expected
- Make sure you have a good, solid, contract that protects you.
- Consider what your billing procedures are like. Are you getting paid in increments for your services?
- Have a bookkeeper you can trust. When your company explodes with growth, take your hands out of the monotonous and do what you need to do to manage your client base. Having reliable partners in place will help you keep on keeping on.
- Don't let your receivables age past 45 days. That's when I really get on the phone. Did you know if your accounts receivable go past 90 days your chances of ever getting paid really diminish?
Don't let high growth bottom out your bank account. I've been working for 20+ years to fix cash flow problems and strategize to prevent aging receivables.
Are you growing out of control! Let me help you navigate how to keep your business afloat. Call or email me today.
306 520 4009.