Optimizing your management or adopting certain reflexes remains a necessity for all entrepreneurs and managers, and this as far upstream as possible. If you’re inclined to think that you’ll be able to fine-tune your processes later, when you’ve got the time, you should know that you run the risk of losing data, having trouble retrieving some of it, or simply having to spend a great deal of time getting to know software and integrating the data that has accumulated.
Keep your billing up to date
It’s often forgotten, but a well-managed business obviously starts with up-to-date invoicing. When we talk about invoicing, we’re of course talking about the whole process, from talking to your prospect, to issuing an estimate, to issuing your invoice.
It’s generally a question of saving time, and you need to be able to go from a quote to an invoice in just a few clicks. The same goes for retrieving the history of exchanges with your customer or prospect, who generally appreciates feeling important and listened to. No one likes to have to repeat and re-explain everything, so you’ll save time and you’ll save them time. As there may be several interlocutors, the possibility of sharing certain data can also prove useful, for example by enabling sales representatives to pass on certain information to the after-sales service department.
Build reliable databases
Overall, it’s all about having reliable, up-to-date databases. This activity may seem time-consuming at first, and so some people neglect it. Firstly, because they feel it’s a waste of time. It’s true that the more customers you have, the more inefficient a simple Excel spreadsheet is likely to be, but it’s also important to bear in mind that different software packages often offer you the opportunity to save time by offering you shortcuts on many of your actions. Then there’s the fact that it’s sometimes necessary to learn how to use a software program, which can put many people off, especially when they feel they’re already running out of time. However, it’s often a time-saver in the medium term, and you’ll often find it hard to catch up if you don’t implement it right from the start. Finally, because information can get lost and you may not be able to find it again.
Easy reporting
It may seem trivial, but your software must give you easy access to key information. They must be easy to consult, and the possibility of reporting should not be overlooked. One of the basics is still to have access, for example, to your outstanding quotations or invoices, so that you can send out reminders and not “forget”, for example, a prospect to whom you’ve sent a quotation. Ideally, your various tools or databases should be synchronized to avoid the tedious task of having to integrate data when you’ve already inserted it elsewhere. Software in SAAS mode can be very useful, as they can be accessed from anywhere, not to mention the fact that some offer digital safes that can represent a legal guarantee, or simply generally prevent you from losing data that could happen to you, for example, if you break your computer.
Improve your collection
Debt collection remains one of the greatest difficulties for contractors. For one thing, it’s never pleasant to have to follow up your customers, and an automatic reminder can save you this tedious, even unpleasant, task. Software programs can help you automate this process. Cash flow is often an area that needs to be protected, so getting your collection organization up to speed is not a luxury, but a necessity. The better organized you are, the faster you’ll be able to issue your invoices (and get paid faster by some), and the more efficient your collections will be, because your reminders will reach your customer much more quickly. Contrary to what you might think, customers sometimes don’t pay simply because they haven’t received your invoice, have put it in a corner or forgotten to tell you that it wasn’t correct, and are waiting for your reminder (this is often the case, for example, when you forget to include the purchase order number on the invoice).
Of course, these tips aren’t the only important ones when it comes to management, since we could have talked about cash flow projections, cash flow monitoring or key success indicators. They are, however, a good basis if you’re wondering what to put in place first.
Source : https://www.dynamique-mag.com/article/les-basiques-dune-bonne-gestion
Aston Cash Collection’s SaaS platform can help you collect your receivables efficiently. Click here to make an appointment with one of our sales representatives.
