New legislation has come into play where the Australian Taxation Office (“ATO”) will now be defaulting businesses with tax debt of $10,000.00, who have not engaged in a payment arrangement with the tax office. See the notice here on the ATO website.

Are you in danger of not being able to pay your BAS on time? Is it always a scramble for you at BAS time to collect as much money as you can so that you can pay your BAS? All the more reason for you to be collecting your money sooner. Having better control of your accounts is one of the best ways to ensure that you are cash flow positive.

There are simple but effective changes you can make to your current activities that could significantly improve your cash flow.

1) Review your pricing. Have a ring around of your competitors and pretend you are a prospective customer and ask for their pricing. If you haven’t put up your prices for a while, perhaps it is time to do so.

2) After you review your pricing, can you now afford to give your customer’s a 5% discount incentive to pay your account on time? Make sure your invoice clearly sets out the discounted amount (in bold read letters) if paid by <>. Early payment incentives can be a great way to super charge your cash flow.

3) Hire an Admin Assistant or Bookkeeper. If you are busy doing the work and drumming up new business and too busy to chase your accounts, why not hire someone for 3-4 hours a week to do it for you? A good admin person for 4 Hours should cost you at most $200.00. You could potentially earn $320+ in that 4 hours and at least your cash flow would be improving because your accounts will be getting chased and paid sooner.

My effective short term training program is full of simple and easy changes you can make to your business today to super charge your cash flow. It is easy, why not start today?