Here is one change to boost your profits 💵...
Updated: Oct 8
While businesses are working hard to increase profit 💵 margins or reduce losses, here is one change to the payment collection that could really help... (1 min video👇)
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While businesses are working hard to increase their profit margins or reduce losses, here is one change to payment collection that could really help. Do you know that faster collections equals higher profits? No, really! Not just from saving on the admin cost but from utilising the extra cash flow to service more customers OR add products & services to upsell OR have the money to invest in improving business throughput /efficiencies. So here is how to make a start.
If you offer a subscription service and still rely on manual collection, it’s time to switch to automate your subscription payments. You will thank me later. Trust me. For businesses that can’t automate collections, instead of a 30/60/90 day credit, offer your customers a discount for upfront payment. In a competitive market like this, you may get surprised with the uptake of this.
Do yourself a favor. Don’t let your past experience stop you from testing this change. And give it a true opportunity to help your cash flow and profits. Hope this was useful. Surayansh @Founder’sGO2; guaranteeing business improvement