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Superb Cashflow

8 great tips that guarantee you get paid faster

One of the worst things about running a creative business is the chore of staying on top of your cashflow and getting your customers to pay up. Not only that, but it's also absolutely vital, because if the cash dries up then you can't pay staff, suppliers and your business will cease to function.

That's why we've come up with our top 8 tips to get paid quicker.

  1. Secure sizeable deposits before you begin work - particularly if it's not someone you've worked with before and you're not confident over their credit worthiness.

  2. Be wary of clients who aren’t willing to pay a portion of their bill in advance - some may have had their fingers burnt previously, but most are just out to take what they can get and it can be just the start of your nightmares chasing them up. Remember, they might be paying you but they are privileged to be using your service.

  3. Bill your clients in stages as the work is done - that will maintain a constant flow of money in your bank, and you can use the leverage of continued work to keep the payments flowing right up until the project is finished.

  4. Request immediate payment on invoices - your business is not in credit provision market, it's a myth that you have to give credit to your customers. This leads us neatly to the next tip:

  5. Be upfront about payment expectations at the start - once clients know how much they will need to pay and when, their can be no excuses for missing payments.

  6. Retain your leverage - never deliver that final product before you've had your final payment, that way they can't disappear without paying, and they will always want you to finish your work if they've already paid the deposit.

  7. Use your systems to get paid - use systems like Xero to invoice out via email & issue statements. Then use specialised add-ons such as Invoice Sherpa to chase up your slow payers, which lets you focus on growing your business.

  8. Direct debits - use these to make it easier for your clients to pay, by using systems like GoCardless it's simple and easy and can be built into your invoicing.

Follow these simple steps and your cashflow won't go too far wrong, you won't spend all your time chasing money and you can work on developing and growing your business, and that is what is going to make your business a success.

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