OLT / Monday, December 5, 2022 / Categories: Construction News & Help, Tips For The Trade, Financial Cash Flow Hacks for Tradespeople Is cash flow affecting your business? Here are 4 effective cash flow management tips for your business. December is a good time to reflect on everything your business has accomplished this year. But it can also be frustrating (and a little scary) when you realise the number of clients or sub-contracting jobs that still have not paid you. It’s no wonder tradespeople run out of time to track cash flow when demands like quoting for new business, buying supplies, and getting jobs finished to specification - are calling. If cash flow is affecting your business, here are four cash flow hacks to improve the health and success of your business. Invoice Without Delay Getting paid on time can be challenging for many trade professionals, but fast invoicing and payment reminders can make a difference to your monthly revenue. Deposits and staged payment plans is often the norm when quoting and delivering for larger jobs. Be sure to set clear payment terms with your clients and the scope of the work contractually agreed upon in advance. Initiating customer sign-off at project milestones and sending invoices outlining what you are charging for as soon as you have fulfilled the terms of your agreement can also help avoid late payments. You can now send invoices on the go, chase outstanding payments, and know the health of your business - all from Onlinetradesmen’s platform, without the need for additional accounting service fees. Register a call-back to discuss with our team today. Initiating customer sign-off at project milestones and sending invoices outlining what you are charging for as soon as you have fulfilled the terms of your agreement can also help avoid late payments. TOP TIP: Set payment due dates clearly on your invoice Offer Customer Payments Options You can boost faster customer payments by offering transaction options like direct deposits, Revolt, credit card & PayPal. Onlinetradesmen tradespeople can get paid instantly for their work in full or in stages through our TradeyPay Escrow Service. The service accepts payment from any card type and registered Trade Pros can use the service to collect money from any customer, whether they found them through Onlinetradesmen or direct. When customers have more choice and flexibility to pay securely, you’ll find that they have fewer reasons to delay payments. TOP TIP: Make sure you let customers know what secure payment options you accept. Reduce Business Costs Everyday expenses such as fuel and materials can be drain cash flow, so finding the best prices and discounts is sure to help. Chat with your suppliers about extended payment options, including discounts for regular purchases and returns for unused materials can ease cash flow woes. Always shop around for the best van and public liability insurance premiums and invest in protecting your tools from theft. At Onlinetradesmen, we’ve made it easier for trade pros to save money on fuel and insurance. We even provide a cost-effective way to quote for jobs via our service. Tradespeople also save up to 15% on tools and materials with the flexibility to pay in 3 interest-free instalments. This flexibility is helpful for many trades when cash flow is tight, but they don't want to compromise on buying cheaper tools or using a credit card, risking expensive fees. To discover more about how Onlinetradesmen can help improve your cash flow and reduce your business costs, submit your details here and a team member will be in touch. Automate Where Possible We know there are never enough hours in the day – which is why improving business processes can make all the difference. Online applications can take the pain out of managing your cash flow, from whipping up professional sales quotes in minutes to automatic invoice chasers and alerts when payments are due. Simplifying invoicing, sales quotes and accounting will save you time and effort while allowing you to quickly view your overall financial position at any point in time or per job, including quick checks on outstanding invoices that need chasing. Improve your business and reduce the time you spend doing paperwork With Onlinetradesmen’s Quote2Invoice App you can: Manage your customers in one place Send professional invoices in seconds - from your phone or PC Automate payment reminders to overdue customers - & get paid faster See how much profit you're making per job, per month Track your supplier invoices - and know when and what to pay them Make your business look more professional to win more business Organise your business to the max - with all your transactions in one place Reduce your stress and costs at tax time To discover more about how Onlinetradesmen can help improve your cash flow and reduce your business costs, submit your details here, and a team member will be in touch. *The Quote2Invoice App is included in all Onlinetradesmen premium account plans which also include access to local sales leads, power marketing including a Website Builder tool, real business savings & more. Discover more benefits here. The Ultimate Quote2Invoice App For Trade Pros Ireland's construction skills shortfall Print 426 Rate this article: 5.0 Please login or register to post comments.