More than just printing…

Cash flow is the lifeblood of any business.  For those who produce work and then submit invoices to their clients the process of turning receivables into cash can often be a frustrating experience.  Sales folks frequently share in this pain given that commissions can be docked based on the timeliness of client payments.

In other words, getting paid is really important to everyone!

Good cash flow begins before any work is produced – let’s start at the beginning.

Many businesses will employ some sort of credit approval process for new customers.  Part of this process must include the client’s instructions for billing.  Sometimes not getting paid is as simple as not including a purchase order number or sending the invoice to the wrong party. Clarifying your client’s billing preferences ahead of time should prevent problems.

Once work is complete the invoice must be generated in a speedy manner.  Removing internal obstacles to getting work invoiced may involve several people or departments within a company.  If this is a problem, a team meeting can often resolve the delays in the process.  The added advantage of a team approach is that it helps others understand the importance of prompt invoicing.

Needless to say, the accuracy of the invoice is critical to the process of payments.

Once the invoice wings its way to your customer all manner of problems can surface.  Whether the company is small or large, the approval process can be involved and delays can happen at any stop along the way – in other words – your invoice can be stuck in someone’s inbox!

The bottom line is that until the invoice arrives at the accounts payable department – that invoice is not even close to being paid.

Here is a great tactic to improve your cash flow.  Make it a habit to confirm with the accounts payable department that they actually have your invoice in their department.  Calling a few weeks after your invoice left your office should be sufficient time for your invoice to be in the payment queue.  If there are any problems at this point, for instance they have no record of your invoice – the people in this department are generally able to assist you.

Let’s keep the cash flowing into your company coffers.

Recently my nine year old grand daughter launched a successful marketing campaign.  She utilized a tried and true method of communication and the results were outstanding.

This young lady loves animals and thought that perhaps there would be a market in her community for pet sitting.  Given the fact that she does not drive, her target market consisted of only her immediate neighborhood.  She designed and printed (WE LOVE PRINT) flyers advertising her services and hand distributed them to her local neighborhood.   Within a day or so, she got a telephone call asking her to overnight pet sit a neighbor’s dog.  She was thrilled!

The pet sitting went well – dog was walked, played with, fed and watered on the owner’s prescribed schedule.  Upon the owner’s return, my granddaughter was paid and indications are that future engagements will be forthcoming.  Does it get any better than that?

What to learn from this experience

First, print is a friend of folks who have a service or product to sell.  It can convey your message clearly, be read multiple times, held for future reference and shared with others.

Second, she targeted a specific area – if hand delivery is not your thing then think about utilizing the USPS Every Door Direct Mail option.  This allows the advertiser to mail to all homes/businesses within specific mail routes at a reduced postage cost and reduced addressing costs.

Third, she did a good job on the first opportunity.  This encourages repeat business and perhaps even “word of mouth” advertising for her service.  A happy customer is absolutely invaluable.

So you see, there are some lessons worth learning from a nine year old child’s marketing campaign!