Business Challenge #3

Getting payments on time & maintaining outstanding list

Most of the business owners face this issue. It is really frustrating when you do your job & don’t get paid on time.
It has direct impact with your cash flow. Most of the time business owners do not have strategy for collecting their payment assuming that they will get their payment once they deliver their work. Receiving payments on time helps you to be more profitable.
SYMPTOMS

HOW TO IDENTIFY IF THIS IS YOUR CURRENT PROBLEM?

  1. Delayed payments from client
  2. Unable to get latest outstanding amount
  3. Miscommunication between accounts team & sales team
  4. Unable to track payment pattern
Side Effects

WHAT IMPACTS THIS CHALLENGE MAKE ON MY BUSINESS ?

  1. Primary reason for going into negative cash flow
  2. It delays your purchase plans
  3. Become hurdle in your growth
  4. Business looks profitable on paper but not in bank account
  5. Client buys from competitor just to avoid paying accumulated outstanding.
PAINS

WHAT ARE EMOTIONAL & FINANCIAL PAIN DUE TO THIS PROBLEM

  1. It creates financial stress
  2. It increases account team's workload
  3. Unhappy environment
  4. It disturbs personal finance plans

If Getting Payments On Time & Maintaining Outstanding List is your challenge…

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