Parkinson’s Law and Running a Business: The Money-Time Connection

Remember that exhilarating feeling when you decided to launch your own business? The thrill of making a difference, earning money, and gaining time for what truly matters? Fast forward, and while your business is making good money, your take-home isn't what you envisioned. You're investing heart and soul, yet your profits aren't aligning.

Time and money are intertwined, and as a business owner, you grasp residual power—a force beyond trading hours for dollars. This power is your chance to escape the clutches of Parkinson's Law, which predicts expenses rising to meet revenue unless you intervene.

Shield yourself! Implement a bank account budgeting system, the force to protect profits, nurture money habits, and prioritize paying yourself.

Transform your business’ cash management, innovate processes, and recapture the essence of entrepreneurship. This is your empowerment moment.

Mastering Client Payments: A Proven Strategy

We address the age-old issue: clients not paying on time. Frustrated with this common hurdle? You're not alone. 7 out of 10 business owners face the same challenge. What sets successful businesses apart? They have airtight systems that ensure timely payments and minimal collections cases.

Julie's story resonates with many. When about to implement an accounts receivable process, hesitation kicked in. The hard truth: clients take paying seriously when you show you mean business. The solution? Set expectations and establish a process that reflects your business’ professionalism.

Four Steps to Mastering Client Payments

1) Transparency Matters: Be clear about billing methods, payment expectations, and consequences of delays.

2) Secure Your Position: Adopt flat-rate approaches, request retainers, and value your time to emphasize your professionalism.

3) Stay Connected: Regular client check-ins alleviate dissatisfaction and build strong relationships.

4) Firm but Respectful: Implement an accounts receivable aging process to nudge payments without intimidation.