This one’s for TW’s. Read it out loud to your husband and then tell him, this guy’s a builder as well, so stop giving me a hard time about getting onto the paperwork.
Doing things on a regular basis is natural to us all. We start our day the same way with a coffee and toast, we meet our mates the same day of the week at the pub or club. We might catch up with extended family every Sunday night for an early dinner. And so it goes on. These routines are systems in our lives and you if you are running a business it’s a good idea to have some routines that form part of the systems you have running your business.
In my own building company I would do my invoicing every Monday after lunch. I called it Mad Money Monday. (I like having little rhymes or ditties) Regardless of what else I thought I had to do, Monday was all about money. Sometimes it was hard to respond to a customer or have a meeting with someone, but within a short period of time Monday afternoon was all about the money. The first thing was sending out invoices. They had to go out, no excuses. Using our own software meant that 90% of the work was already done. The work summaries were already filled in and all we had to do was check over and send them out.
So Part A was GET THE INVOICES OUT FOR THE PREVIOUS WEEK! Nothing, I’ll say it again, NOTHING, was more important than that. Why else would you go to work if you are not getting the money in? Of course there are phone calls from suppliers, texts from subbies and customers are always wanting things now. Yes NOW. But it is really all about prioritising, and if making money is your priority then you will be ignoring the phone calls or texts because you’re focussed on GETTING INVOICES OUT.
Part B (ie after sending the invoices) was chasing outstanding invoices. Again, nothing else was more important. Don’t do more quotes, don’t go out to see a customer, don’t do bloody anything that was not to do with getting invoices out or money in.
This is something worth reading over again. And again. And again. I’m not perfect, but I did do a half decent job of chasing money and sending invoices on a Monday. It might be another day for you, ‘Follow Up Friday’ or whatever day works, just make sure you have a day each week that you are doing this.
And, using BM will help you get organised and get invoices out quickly and painlessly, especially with Cost Plus work.
So what day of the week is your Mad Money Monday? Fast Funds Friday?