Wheres my money

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Where does you money go, how do you get paid

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Where’s my money ?

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Money

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Business Frontiers ‘ all I ever wanted to do was run my own business make a few quid go on holiday occasionally and then retire comfortably’

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Business Frontiers What are we talking about How do you get paid Disaster recovery Where does your money go Managing the debt’s

Where’s my money:

Ever asked yourself Who do I pay first When are they going to pay me Have I got enough money to pay bills What happens if…… Where’s my money

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The Cycle of Money Money Get a relationship with them all

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Suppliers Suppliers – They want to do business with you Credit limit Credit terms Other suppliers Get the best you can, that suits you

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Clients They have always paid me before Credit check www.companieshouse.gov.uk www.jordans.co.uk www.dnb.co.uk www.creditexpert.co.uk you need their permission

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Making it obvious Clients Clear payment terms Letter Quotation Order/Invoice Sign Off Terms and Conditions Who EVER it is

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Business Frontiers Payment terms: Payment is required by the “Payment Due” date shown on invoice. If payment is not received by the due date the invoice will attract a service charge of an additional 8% Cheques payable to Mr Services: BACS: Sort Code 320-549-48 A/C No 52523227778 Mr Customer QUOTE QUOTE # 110 DATE: 25 TH JUNE 2013 QUOTATION VALID 60 DAYS FROM ABOVE DATE MAKE IT EASY FOR THEM TO PAY YOU

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Payment Terms Clear payment terms Up front 50% deposit 50% on completion % up front for materials 7-10 days GET WHAT IS RIGHT FOR YOU

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Top 10 Excuses "I am waiting for my new cheque book to come through" "I am changing my bank account" "I cant pay the bill" "The signatory is deceased" "The cheque is ready but waiting for a second cheque signatory"   "My accounts clerk only comes in once a week, on a Wednesday, from 6.00am to 9.00am" "I have not been paid by my customer yet" "Our director is not here to sign the cheque today" "I have not received copy invoices /  statement of account“ "We didn't get the goods" The Cheque is in the post

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Pay me So how do you get your money Process in place Statement Letter 1 Nice Letter 2 Demand Letter 3 Deadline

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Getting paid Getting your money Take them to court www.moneyclaim.gov.uk Factoring Debt recovery companys Credit protection companys

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Options Factoring Take a percentage of your invoice Debt recovery companys Buy your debt from you Credit protection companys Recover the hard ones

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Disaster Strikes Disaster Recovery Plan You have a fire/flood Your equipment gets stolen Onsite – In the Office Your vehicle breaks down Your project over-runs Penalty clauses How does the business run if any of this happens to you Get a plan together

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Money Ways to get paid Cheque Cash Bankers Draft Credit Cards Don’t forget the admin charge for credit cards

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Ways to get paid BACS Bankers Automated Clearing System CHAPS Clearing House Automated Payment System – you will get a charge for this IBAN International way of getting your money Money

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Charges Barclays Statement 30p Cheque paid in 30p Cash paid in 85p per £100 Transfers in 75p Natwest Statement 40p Cheque paid in 33p Cash paid in 76p per £100 Transfers in 40p An example, check your bank for charges

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Banks Free banking Minimum deposits Admin fee “activity on the account” Its not always free, check it out first

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Overdraft costs – credit cards Take financial advice IFA Accountant Switch accounts 0% only credit cards Banks

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Prioritise Who do you pay first VAT & HMRC Staff Rent Suppliers Loans – credit cards YOU

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So what do you need to do Spreadsheet When and how much What happens if Suppliers Terms and Conditions Bank Be honest

Business Frontiers:

The day to day demands of running a business can often divert attention from building on the successes gained to date. An expert business advisor provides guidance, expertise and motivation to help prioritise actions for growth. Business Frontiers Any questions – you know how to find me – most people do

Where am I:

Where am I Use it. It’s free marketing

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Marketing Strategies Social Media Tele Marketing Advertising Sales Plans Customer Retention People Skills Acquisitions Change Management Internal Processes Supply Chains Business Frontiers

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Personal Development Skill Sets Goals and Objectives Business Growth Unique Selling Point Customer Satisfaction Long Term Commitments Effective Communication Creating Awareness Communications Plans Business Frontiers