http://www.bookmarklee.co.uk/2007/10/12/turnover-is-vanity-profit-is-sanity-but-cash-is-king/ Helping accountants, those who work with accountants and those who use accountants Tue, 07 Feb 2012 11:14:01 +0000 hourly 1 http://wordpress.org/?v=3.1.3 http://www.bookmarklee.co.uk/2007/10/12/turnover-is-vanity-profit-is-sanity-but-cash-is-king/comment-page-1/#comment-500 Inspiring Business Quotes - Page 3 - The Wholesale Forums Tue, 02 Feb 2010 08:11:53 +0000 http://bookmarklee.wordpress.com/2007/10/12/turnover-is-vanity-profit-is-sanity-but-cash-is-king/#comment-500 [...] Re: Inspiring Business Quotes This is an oldish one but heard it again on Hustle last night. "Turnover is vanity, profit is sanity but cash is king" [...] [...] Re: Inspiring Business Quotes This is an oldish one but heard it again on Hustle last night. "Turnover is vanity, profit is sanity but cash is king" [...]

]]> http://www.bookmarklee.co.uk/2007/10/12/turnover-is-vanity-profit-is-sanity-but-cash-is-king/comment-page-1/#comment-121 Angela Sun, 21 Oct 2007 14:48:31 +0000 http://bookmarklee.wordpress.com/2007/10/12/turnover-is-vanity-profit-is-sanity-but-cash-is-king/#comment-121 We used to spend almost as long chasing payments as we did producing the work - then we figured out a way of trimming lockup down to about a week. When one stage of our work is completed it must be approved by our clients before it moves to the next stage. At this point we present them with the final bill - which goes with a letter advising them only to pay it once they are completely happy that the work is what they wanted, and then we can take it to the next stage (a stage which doesn't require much effort on our part). This systen obviously depends on what sort of work you do - but for us it has the double benefit of ensuring that we get paid very quickly (as our clients are keen to have us get on with things) and makes them consider properly whether they are happy with what we've done, and this has vastly reduced the number of changes made at a later stage. We used to spend almost as long chasing payments as we did producing the work – then we figured out a way of trimming lockup down to about a week. When one stage of our work is completed it must be approved by our clients before it moves to the next stage. At this point we present them with the final bill – which goes with a letter advising them only to pay it once they are completely happy that the work is what they wanted, and then we can take it to the next stage (a stage which doesn’t require much effort on our part). This systen obviously depends on what sort of work you do – but for us it has the double benefit of ensuring that we get paid very quickly (as our clients are keen to have us get on with things) and makes them consider properly whether they are happy with what we’ve done, and this has vastly reduced the number of changes made at a later stage.

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