2 easy ways to get your money in as quickly as possible

by Brendon on March 14, 2005

Cashflow is critical for any business. We try a few different techniques to increase the speed with which we get paid (it’s usually 50% deposit and the balance on completion).
Send the invoice with a Reply Paid envelope – surprisingly, this simple technique decreases the average time we wait to be paid.
We’ve also just added our bank and account details to the bottom of every invoice. This means that every client can pay us via Internet banking very quickly and easily. Early indications are that this will reduce the time we wait for payment by 2 days. And that can be important for many businesses.
Just a quick tip on sending invoices. Also send a flyer or letter or some sort of offer at the same time. It’s basically free and can be a terrific sales tool.
Take care.
(from August 2003 blog on www.tailored.com.au)

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