Latest Podcast Episode:
Maximize Your Resources – Part 1

Over the next few posts, we’re going to talk about how to take a hard look at your current resources and get the most out of them. This can help your capital go further and increase your profit margin. Today we’ll cover three different ways to maximize what you...

By: The Legacy Theory
on September 14, 2022

5 Killer Mistakes – Part 3

The last 2 posts covered the first four of the killer mistakes you can make that will not only make you lose your fish, but possibly your entire company. Today we’re going to talk about the fifth killer mistake:

Up Cash Creek Without a Paddle.

Even when business is good, there’s still a chance of running out of cash flow. You have to always be prepared for a slow in sales or a surge in expenses. One of the keys to balancing your cash flow is to get your clients to pay on time. This can seem like a nightmare but is absolutely essential to a successful business.

Here are some tips to speed up the payment process:

  • Always send invoices on time and adjust your records for potential audits.
  • Learn how the client processes payments on their side and find out precisely where to send invoices.
  • Find out who’s in charge of processing orders and payment, so you know who to contact if needed.
  • Have a follow-up procedure in place, just in case.
  • As a last resort, call your contact to ask questions.
  • Always make sure your invoices are correct before sending them out.

 

You also need to make sure your cash flow is protected. You can do this by:

  • Always know which accounts need paid and when.
  • Negotiate with your suppliers for the lowest cost possible.
  • Have a bank contingency plan in place.
  • Build your own investor network.

 

These are all great ways to protect the cash flow of your business and prepare for fish transitions and slow sales. These last few lessons are all about finding and catching your big fish clients. These clients are essential to your success and you need to take the time to work through each of these steps carefully and correctly for the best success.

If you need help with any step of the process of catching your fish or subsequent big fish clients, try our FREE test drive for access to a wealth of great tools and resources as well as our business coaching staff.

Join the conversation.

Let us know what you think about this episode.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Never miss an episode.

Subscribe to the podcast

You may also enjoy…

Maximize Your Resources – Part 1

Maximize Your Resources – Part 1

Over the next few posts, we’re going to talk about how to take a hard look at your current resources and get the most out of them. This can help your capital go further and increase your profit margin. Today we’ll cover three different ways to maximize what you...

5 Killer Mistakes – Part 2

5 Killer Mistakes – Part 2

In the last post, we covered the first two of the 5 biggest mistakes you can make in dealing with big fish clients. Today we’ll cover the third and fourth ones: Taking on More Than You Can Handle. When you take on too much, your business can’t keep up and therefore...

5 Killer Mistakes – Part 1

5 Killer Mistakes – Part 1

There are 5 big mistakes that will kill a deal with a big fish. They are: Not meeting the client’s expectations Mishandling a client crisis Taking on more than you can handle Putting all your eggs in one basket Up cash creek without a paddle Any one or combination of...