Does your business qualify to join the league of professional craftsmen?
Mistake #4 –Bleeding cash
If you find your cashflow stretched, and despite growing your sales it’s still a struggle, it’s probably time to take a look at what you spend your money on and your effectiveness at getting paid.
As your business grows, the number of invoices your send out increases, but so do your costs.
How effective are you at saving money and collecting money from your clients?
There are 3 ways businesses bleed out cash unknowingly
– Not getting paid on overdue invoices and letting bad debts turn worse (and harder to recover)
– Not performing credit checks or pre employment checks before they approve a new client or team member
– Spending too much on different business expenses and not exploring more cost effective options
This is just the tip of the iceberg, and once again we’ve got our friend Struggling Joe to show us what to avoid doing when it comes to managing your cashflow.
We understand every business is different, so it is easier to talk in percentages rather than fixed costs. So we’ve created a scenario below where an LPC member was able to reduce a range of his business expenses by 10%.
If you’re reading this, feeling like you’re bleeding cash, you can stop this with support.
LPC members do benefit from an immediate discount on their expenses – everything listed in the table above is included with every membership option we offer.
Take a look at how you can protect your business and reduce costs with LPC.
LPC PROMOTE services can help you generate new sales leads, follow up leads consistently, reduce customer risk, make better sales offers and win more business.
For eligible businesses only, from under £1 per day.
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