We are approaching February, the month of cashflow nightmares. The invoices you sent in December are still not paid or the cash is just trickling in, and everyone is waaay behind on those January invoices.
Entrepreneurs are sleeping, accounts receivable staff are going crazy and the rest of the team are starting to worry about whether you are going to be able to make payroll.
Times like these need a concerted response – so try and get the whole team involved in the cashflow hunt.
Here are a few ideas:
- With sales people, it’s crucial that at least part of any incentive involves the successful payment of invoices. The sales team needs to know that a deal is not really “closed” until the bills are paid.
- For account management people, it’s crucial they become directly involved in dealing with any invoice disputes, and prioritise the resolution of disputes.
- When the invoices need to be chased, all admin staff must get involved – not just the accounts receivable staff. Share the load on this tough job.
Chasing unpaid bills isn’t nice, but it is vitally important. And many hands make light work.
Get it done – today!