Show me the money! Our top 5 tips for getting paid

In the current economic climate, managing cash flow is one of the largest issues business owners are faced with daily. Negative cash flow generally results from either poor debt recovery strategies or a lack of procedures to ensure cash is collected in a timely and efficient manner.

So how do you maximise cash flow, minimise loss and get your business to where it needs to be? Here are our 5 top tips:

1. The Contract:
   While a verbal contract is legally enforceable, reducing the contract to writing before you spend valuable time and resources is the way to go. Having terms in place from the outset means you clearly set out what you are being asked to do and your expectation on how and when you will be paid. This avoids it later becoming a contest of 'he said', 'she said'.