If you struggle with cashflow, you're not alone. 19% of company owners in the asbestos services industry say that managing cashflow is one of their main challenges .
There are many aspects of cashflow you can't control, for example, you can't really force a client to pay you faster, but you can make simple changes to free up cash within your business.
So how can you flatten out any cash dips and make sure you always have enough money to pay the bills?
Turnaround Reports Faster
Speeding up your report turnaround time – the time it takes to deliver the finished report to your client – has a two-fold effect: You'll get paid faster for work you've already done, and you'll have happier clients who are more likely to extend projects, rehire, or refer you.
- Switch to modern asbestos reporting software for faster reporting
If you're using Microsoft Word or an older software product to create reports, consider switching to a modern asbestos reporting app like Flow Mobile Surveying to speed up your report turnaround. This is a double win; you'll make higher profit margins on every job AND you'll be able to invoice your clients in less time.
- Use a job management system to nudge jobs along at the right time so you get paid sooner
When you have multiple jobs on the go, its easy to lose track of their current status and the next steps. A key staff member taking holiday or unexpected sick leave can cause job delays, as everyone scrambles to figure out what's going on. Use a job management system to give staff a birds-eye view of the business and keep jobs moving efficiently.
- Outsource floorplan drawing to free up your time for high-value activities
What is your time worth? You may find outsourcing floorplans abroad a cheap and speedy alternative to drawing plans yourself. It means less switch-tasking and more time to focus on high-value activities like winning new clients.
Free up Jobs Stuck at WIP
A backlog of jobs stuck at WIP (Work In Progress) can cause massive headaches, especially for big companies. These "stuck" jobs may have issues preventing the work from starting or being completed. Left unchecked, they can cause significant cash flow issues.
Finding and fixing the bottlenecks will unlock instant cash for your company.
- Simplify your sign-off process to prevent bottlenecks when key-personnel are absent
A complex sign off process may cause delays in reports being issued if key personnel are off work, for example during holidays or long-term sick leave. Is it possible to simplify your sign off process or have backup personnel?
- Eliminate unnecessary steps in your systems or technology
Do you have rigid technology that forces you to complete unnecessary steps for each job? Or an overly-complex internal process? You'll always need to complete some tasks, like carrying out a risk assessment before every job, but other tasks may be redundant. Could simplify your systems or technology?
- Improve communication. Less "telephone ping pong"
Does your team need to call the office to know the current status of a job? When you have great systems, everyone knows when its their turn to take over. We created Flow's pipelines feature to solve this exact problem!