I used to have a real problem with my business – it used to take me forever to get hold of my cash from my clients! No sooner had I finished the job at hand – I would send over the finished work – along with my invoice! I would then wait two weeks, wait for the excuses, the answerphone whenever I call them, and, eventually payment a few months later and an awkward relationship with my client going forward. This was by far the worst aspect of my job – it’s not that I didn’t understand my clients – it was tough for them to come up with the money sometimes because times are hard, but it was tough for me too because once I’ve done the work, I need the money! We’ve all got overheads to pay and most people live hand to mouth – and everyone expects to get paid when they produce good quality work!
This was a problem for me for several years to be honest – I tried different tactics, like being really tough on clients, trying to be more relaxed with them – nothing worked though! The same results time after time no matter what I did. It was at this point that I said to myself there must be an answer to this. I started doing some research and heard about a system called Invoice Discounting which I thought could be the answer. I realised that discount invoicing could improve my cash flow by providing an immediate injection of cash into my business against the value of my outstanding invoices. There are professional companies who offer this service. In lamens terms, it’s as simple as giving your invoice for your client, to a big company and they immediately give you cash! You can normally claim up to 80 % which means cash in your hand as soon as the invoice is supplied!” That’s all I’ve ever wanted!