And you should be proud of it. But you need to make sure that you're also rewarded for your efforts. Which means also getting paid.
It’s a huge problem, but you keep running your business as usual. After all, who wants to deal with it? Chasing and reminding your customers to pay is time consuming and you don't want to put your relationships with your customers at stake. So what's the key?
Receivables represent the cash flow that you have not yet received from your customers. Just to give you a sense of the magnitude of the problem, 15-20% of all receivables in the US is delinquent, and 5-10% is 90+ days delinquent. If you have a small business that operates with razor-thin margins, these percentages could be detrimental to your business. It's cash flow that you will never see again.
Therefore, it's extremely important to keep those percentages as low as possible. If you achieve that, think of all the things that you could do: buy more equipment to grow your business, hire more employees, or simply avoid taking out an expensive loan from a bank, for example.
So, how can you get there?
From start to finish, with simple clicks, while still maintaining good relations with your customers. It's as simple as that because we love simplicity and we love small businesses.
Introducing Insourcing by Funding|Gates