Strategies for Managing Directors

Only A Hundred Days To Go - Will You Be Paid? Kim Radok September, 2016

Recently I was reminded that there were only a 100 days to go to Christmas and as we all know; 00 days soon disappears.

One of the critical aspects of meeting any deadlines is managing time. For instance, if you want to have funds for Christmas, the 100 days is a useful measure to get serious about being paid. The reality is; you don't have a 100 days to get paid, you only have about 60-70 days.

Too often business people find other business priorities, and so do not follow up promptly on unpaid invoices. It is not unusual that they find on December 1st, suddenly Christmas is only a few weeks away, the bank account doesn't look good and there are old unpaid invoices. 

The sad reality for these people, is they will probably will not get paid before Christmas as they "... have missed the boat" and the opportunity to get at the front of the payment que. Meanwhile, more astute business people have already ensured all the hurdles of getting paid have been overcome and they will be paid first.

Preparing for the end of year financial statements is another important moment for which 100 days applies, If you want the best set of financial statements, waiting until the start of the month before the figures are prepared, is too late to start following up on the unpaid invoices.

There is nothing worse than not having enough dollars to enjoy your Christmas or having financial statements which show up your lack of business expertise. The 100 day's benchmark is therefore a useful guide to ensure actioning is under way to have your invoices paid in time to enjoy your Christmas or have a positive set of financial statements.

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