From time to time I want to share some of my expereinces as a small business owner & freelancer. It really helps me to write, it’s been a thinking strategy of mine for more years than I care to remember.
My current preoccupation is that of the receipt of timely payment for work completed. As some may be aware I am an Independent Social Work Consultant & Educator, Trainer & Personal / Professional Coach. I have many years of experience and feel I have a lot to offer in terms of my many years of experience (over 25yrs in this work). It seems that whilst organisations are happy to have an experienced person undertake pieces of work for them which they struggle to achieve within their existing team(s), once the work is completed and the invoice is submitted, it takes an age to get your money.
This has been a persistent irritation for me and my business. Those of you who run small business’s will be familiar with the problem of poor cash flow and how this can be the ruination of a small business.
I am glad I can still get work, I love being independent and in charge of my business and the flexibility of working when I feel most productive. However the persistent cash flow difficulties make has me thinking that whilst I am working very hard (late evenings, lots of travel across London and elsewhere) am I working very smartly?
I’m constantly evaluating my situation and here are my latest thoughts on how I might manage the current difficulties;
- Invoice my clients more regularly, moving away from monthly invoicing to fortnightly invoicing.
- Chase invoices after 7 days via a named person to ensure that they have been processed and ask when I can expect payment to hit my bank account.
- keep up to date with my book keeping, so as I am more financially organised.
- find a regular (part time) gig which will provide a weekly source of income
If you have any other tips share them!
Marcia Charles
sylviasmith
MaDD