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3 Ways to Protect Your Cash Flow

September 27, 2012 | Business | Beth Schneider

As you read this, I'm with my senior consultant Jami and systems coach Sandye at the Double Your Profits, Double Your Time Off Event teaching up a storm. Keep your eye on our Facebook page at www.facebook.com/processprodigy for updates and photos of the festivities. We're masters at making systems fun and you really never know what may spontaneously occur.

Since I'm away, I asked Amy from our marketing team to pull an "oldie but goodie article" for you to enjoy.

Take care,
Beth

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By Beth Schneider, Process Prodigy

Watching your cash flow is one of the most important and necessary tasks for your business. I learned this lesson early from my own person mentor who drilled this into my head. I admit it, I remember back in the day, it would be time to review invoices and I would just hope the money was there to cover what I needed to pay. It became clear - quickly - that "hope" was not the best system.

If you are running on the "hope" system, then I get it. I've been there, done that and have gotten out of that poisonous cycle. But, if you find yourself tossing and turning at night and avoiding the mail box because there might be an invoice in there, then it's time to look at things from a different perspective.

The good news is there is an easy place to find cash that is already in your business. You're just ignoring it. Yes, I said it. There is money that should be yours and you are simply pushing it aside.

It's managing and handling your declined credit card payments. For some reason, declines are often forgotten about or thought of as a low priority. Yet, there can be large amounts of cash that you are literally just walking away from.

Here are three essential steps to collecting the money that is already yours.

Know when a client's credit card declines - Your shopping cart issues an email notice to you and your customer when the charge does not clear. But when you have an overflowing email box, it's easy to miss the notice or think, "yeah, I'll get back to that". Seek theses notices out either by creating a rule that puts these notices in a special email folder that you can take immediate action on or run a report on a weekly basis so you are aware. Awareness is the first step.

Don't work for free - Stop the presses . . . or the coaching, or product delivery, etc. I've seen this over and over. You don't realize the card has declined so you keep providing services. One of my colleagues worked with someone for four months before he realized he wasn't being paid. Provide your services for free? Who wants to do that? Notify the appropriate people on your team to hold any further product or service delivery until the account is taken care of.

Contact the customer - You don't have to be rude, often the problem is something as simple as an expired card that can easily be cleared up. Call your client, explain the situation and give them the opportunity to remedy the situation. They're happy, you're happy and it's a win-win for everyone.

As my Grandpa Lenny always used to say, the only person who is going to protect your money is you, so spend the time protecting your cash flow.

© 2012 Beth Schneider, Process Prodigy, Inc.
Want to reprint this article? Feel free as long as you include the following: Beth Schneider, President of Process Prodigy Inc., www.processprodigy.com, along with her team of highly sought after operations consultants, reveal the insider secrets billion-dollar corporations pay thousands of dollars for. Specializing in process creation, Process Prodigy tools and techniques have helped entrepreneurs increase productivity by as much as 600%, and revenues by as much as 250%. Visit http://www.processprodigy.com/ and grab your FREE systems starter kit valued at $297.00.


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