If you are just starting up a small business, you are likely building a loyal customer base and your business brand on the internet. While developing these important aspects of your enterprise, don’t overlook the need to establish productive relationships with other businesses. Companies that you transact business with play an important role in your success. Here are a few tips for optimizing common transactions.
Create a Paper Trail
This doesn’t mean you need to rely on print forms and correspondence to connect with other companies. You can maintain completely digital records, if preferred. The point is to keep updated and clear records of all transactions so they can be monitored or traced as needed. From the first contact to the final invoice, work with detailed forms that provide all necessary information that pertains to each transaction.
Organize Company Accounts
Use a logical, systematic approach to arrange your accounts payable and accounts receivable. You might want to follow an alphabetical ordering of names, services provided, date, and cost along with other details that may be helpful. It is especially important for accounts receivable management to be well-organized to ensure invoices are issued and paid in a timely manner to keep income flowing in on schedule. The system should be set up in such a way that another employee can manage it if the primary responsible person becomes ill or is temporarily unavailable.
Consider a Software App
Depending on the number of employees a small business has, they may each be expected to handle a number of tasks during the work week. You may want to invest in software and issues accounts receivable invoices on a routine schedule based on the program, which can be adapted to your individual collection needs. The program can run day or night, and it can quickly update new data pertaining to business transactions without adding to your employees’ workload.
Establish Cordial Relationships
Participate in community business groups and civic organizations where you get to know other companies that you will do business with. Getting acquainted informally at professional luncheons or trade events can pave the way for positive interactions when orders are being placed and processed. A customer is likelier to promptly pay an invoice when a familiar face comes to mind from professional activities.
Business-to-business transactions are a valuable part of your company’s growth and success. Lay a solid foundation of responsible invoicing and accounts receivable that helps to keep things flowing smoothly and effectively.
Anita is a freelance writer from Denver, CO. She studied at Colorado State University, and now writes articles about about health, business, family and finance. A mother of two, she enjoys traveling with her family whenever she isn’t writing.
