YourBusinessWithJamesCaan2016 - 28

The
numbers
game
Getting your finances in order
as early as possible can mean
the difference between success
and failure

N

ow that you are ready to turn your
great business idea into reality you
need to think about organising your
finances to maximise your chances of
success and minimise risk. And it is
when you are starting a new business
you are at your most vulnerable - 80%
of start-ups fail within the first five
years so a good financial plan will set
you off on the right path.

TAKE CONTROL OF
YOUR CREDIT

Making the sale may be the hardest part
- but the transaction doesn't end there.
If you aren't being paid upfront you will
have to issue an invoice to the customer
and your role will shift to that of debt
collector. Don't give your customers
time to forget about you - send the
invoice immediately.
Be sure to set out your terms clearly,
including how soon you would like to be
paid. Debtors will often seek to delay
payment past the date you have
provided, so take this into account.
If you need to be paid within the

28

month, specify credit terms of a
fortnight. The extra breathing space will
save you much stress and give you time
to chase up the payment, if necessary.
If the agreed-upon date is
approaching and the customer has still
not paid, then a reminder by email or
phone call is advisable and following up
in this way is known as credit control.
Another email might follow to let the
customer know when the payment is
overdue. If you think that regular
check-ins with the customer will
damage your relationship, think about
hiring a bookkeeper or a virtual
personal assistant to carry out these
duties for you.
If the debt continues to go unpaid you
should write a medium- and then
high-impact letter informing them of
your right to charge interest and to hire
a debt collection agency to pursue the
outstanding payment more aggressively.
The ability to check your customer's
credit beforehand may save you a great
deal of unpleasantness and allow you to
adjust your terms accordingly.

An old-fashioned
book-keeping system
with debit and
credit columns
works best



YourBusinessWithJamesCaan2016

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