The Simplest Way To Use A Cut-off Point Day To Accelerate Your ...

The final day of January in Great Britain has 2 major deadline days. First off there?s the soccer transfer cut off point date for the transferring of footballers between clubs. There are two windows of opportunity during the year when soccer players can be transfered from one club to another.

Then the United Kingdom Government impose the same day for the submission of tax assessments by individuals, self-employed workers and firms.

What?s so engaging about these 2 cut offs is the insight into purchaser behaviour. There is a exasperating media madness showing soccer clubs trying to secure a new player right up to the final minute of the cut-off point date. Sure they?ve had months to plan ahead and 30 days to conclude an actual exchange but everything occurs last minute.

The very same phenomena occurs with tax returns. Professional accountants work right up to the minute before midnight submitting these financial returns for clients.

Man?s nature is such that we leave vital issues to the very last minute as we know we shall be penalised if we don?t comply.

Now say you are working on a website project. In my past experience these projects drag on continually as you try and source copy, pictures, testimonials and images from the customer. It simply appears that they do not have the same level of pressure that you do. And of course your urgency is to finish the project otherwise you do not get paid on time.

So to speed up your cash-flow why not impose a cut off point date? This?ll help the customer focus on your project and complete punctually. However there have to be penalties for not obeying the cut-off point date. How about 10 % of the project charge for each day the customer is late? Now that will surely be the business catalyst to ensuire the client delivers on time.

While clients may object to this you have to weigh up the way the client?s behavior is having an adverse effect on your cash flow. It is definitely worth consideration and proves to the client you are taking the project seriously. These sorts of penalties are not un-common in industry. Take the construction and building industry. Sub-contractors are penalised for completing work outwith the cut off point date.

Definitely food for thought as you plan and manage your cash-flow this year.

Molly Jamieson writes for Adobe Business Catalyst partner Platonik. Their web site features examples of internet shops using Adobe Business Catalyst.

Source: http://blog-finance-bankruptcy.mysurechoice.com/2475/the-simplest-way-to-use-a-cut-off-point-day-to-accelerate-your-cash-flow/

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