07 Mar Streamline Your Cash Flow: Focus On The Big Picture
There are lots of buzzwords businesses like to use to market their products and services. Words like “streamline” is one that gets thrown around quite a bit without adding substance to the conversation. But when it comes to talking about streamlining your cash flow, that isn’t just fluff. We take it seriously.
When we encourage MSPs to streamline their cash flow, we’re not using it as a trendy catchphrase. Our intent is to stress the importance of automating all your business processes so you get paid as much as possible.
In an ideal world, customers would always pay every bill on time, and your business wouldn’t have to do anything to make that happen. But we all know that’s not the way it actually works.
For most service businesses, collecting payment for the work they perform can be a tedious and painfully slow process. It often requires a lot of manual effort and tediously long waits, with many opportunities for human error. All of those work against streamlining your cash flow.
So how do you actually simplify those processes? In many cases, all it takes is a few small changes to your operations.
Adapt to streamlined solutions
Now we all know automating any process does not happen overnight. Any change will usually be met with some sort of roadblock or pushback, especially from end users.
For instance, some teams might actively resist any modifications to their routines or being forced to use new solutions. Or you may find it’s going to take your accounting department a couple days or weeks to set up a new payment processing and collections platform.
All of the initial steps will take time, and there may be some complaints along the way. But the momentary hassles should far outweigh the tedious manual processes your business may have dealt with in the past.
It all comes down to accomplishing your long-term goals.
Replacing the most tedious, mundane tasks with automated solutions and tools will allow you to focus on more important things. Manual payments slow cash flow and keep MSPs from scaling their businesses. Handling each and every process is costly and inefficient, and unsustainable for companies with aggressive expansion plans.
What your cash flow should look like
The transition doesn’t have to happen overnight. Your business can start making the switch by onboarding all new clients on autopay, and slowly move existing clients over as contracts renew or get upgraded.
With 80% of your customers on autopay, you’re suddenly able to forecast your revenue and track your growth.
Then you no longer have to argue about cash flow problems in company budget meetings. No need to spend hours figuring out why the firm is hundreds of thousands of dollars short of its goals. Automation helps you make more sound business decisions and determine the best time to hire staff or develop new services.
The less time you have to spend on managing your cash flow, the more you can focus on adding new customers or improving support options for existing clients. That’s the power of automation.
Once you take time and sort out your cash flow, everything becomes easier.
Ready to enjoy the benefits from streamlining your cash flow? Contact us today and we’ll help your business make the switch!