Cash-flow management is vital for a growing business
Get your invoicing right
Invoicing is part of good cash flow management. Once you’ve delivered a product or service, don’t wait to invoice. That can hurt your cash flow and your business. You should get into the habit of sending invoices for payment quickly.
Consider sending invoices immediately, or on a daily basis, depending on the nature of your work. If you are providing a service, think about asking for a deposit upfront, or a payment part-way through. It’s a reasonable request.
A product or service that has been delivered is the closest thing your business has to cold, hard cash. The sooner you invoice your client, the sooner you’ll receive payment.