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Time to work on your business

August 4, 2020

work on your bus11

Market insight by Luisa Grey, Director, Eazipay Ltd

Ask any business coach what their number one priority is when they are working with a small business and they will answer: “Don’t just work ‘in’ your business, make time to work ‘on’ your business.”

It’s a tough ask, especially when time is the one thing you don’t have enough of to begin with. Working ‘on’ your busines may be a tall ask, but it is absolutely critical to your success – now more than ever when there is so much uncertainty fogging the economic landscape.

So, in wanting to help you get started on the road to working ‘on’ your business, let me ask you a few questions to get the ball rolling. Since lockdown began in March, has your business been paid all the money its owed? If it hasn’t, how do you expect to be paid? How will you manage those late payers moving forwards? Do you even want late payers as customers and what impact has all that had on your cashflow?

Working ‘on’ your business means planning for the future, developing new products and services, recruiting brilliant members of staff, reaching out to investigate new opportunities and markets. Working ‘on’ your business is inspiring and exciting and it is totally dependent on one crucial ingredient: cashflow.

If you have positive cashflow, then all the above follow naturally on from that solid foundation. If your cashflow is out of control, then planning for business success becomes almost impossible.

We make no apology for focusing on the importance of positive cashflow, it is absolutely vital to the success of any business and Eazipay is devoted to making your cashflow. It’s what we do.

Being paid by Direct Debit is the only tried and tested way of ensuring that your invoices will be paid on time and in full.

Far too many SMEs, however, think that Direct Debit is only available to large companies. It isn’t. By tapping into the expertise of a Direct Debit and automated payment processing company like Eazipay, you can enjoy the same positive cashflow advantages that much larger companies have.

Coming from a director of one of these companies you’re probably – and quite rightly - thinking: “Well you would say all that, wouldn’t you? It’s your company.”

So, put my job title to one side and allow me to speak for the thousands of individual companies that we work with every day. Collecting the money they are owed by Direct Debit works. It works for all our clients and it will work for you.

Once you have set up an account with Eazipay, we make sure that the money you are owed is collected on time and in full. Once it has cleared, we transfer it to your company bank account. It’s as easy as that.

If you continue to work ‘in’ your business, then the following scenario is likely to be a recurring nightmare for you: You perform a month’s work and at the end of the month you submit an invoice for payment in 30 days (i.e. the end of month two). At the end of month two, you fully expect to be paid for month one, so you start work on month three. But payment for month one hasn’t arrived, and you need to submit an invoice for month two. By this time, you are well into month three and you haven’t seen a penny.

What is worse is that your creditors are beginning to call you wanting payment. What do you do? Do you really need that level of stress, anxiety and angst?

However, if your work ‘on’ your business, then you will recognise that the example above has ‘failure’ written all over it. So, you set up a Direct Debit payment processing and collection account with Eazipay and tell your customer that you will submit your invoice for payment at the end of month one. So long as the funds are available, Eazipay will collect the amount and pay it over to you in a matter of days. Positive cashflow all round!

And if your customer decides to cancel their Direct Debit, you will know immediately. This gives you the opportunity to decide whether you continue to supply that customer immediately; not after you have billed them, chased them, and finally spoken to them. The reporting infrastructure that comes hand in hand with Direct Debit always keeps you in control.

If your customer says that they don’t want to pay by Direct Debit, then that should speak volumes about their own cashflow confidence.

That’s the difference between working ‘in’ your business and working ‘on’ your business. Your time is precious, make it work for you.

Luisa Grey is a director of Eazipay Ltd, one of the UK’s largest and fastest growing automated payment processing companies. Eazipay provides regular Direct Debit collection and processing services to thousands of SMEs and corporate organisations in a wide range of market sectors throughout the UK, Europe and beyond.

For more information visit www.eazipay.co.uk

See what people are saying and how we are being rated in Google reviews:

★★★★★

James Simpson
SkinViva Ltd
Wonderful company. They offer a very efficient service with a quick turnaround time between Direct Debits being processed and the funds being transferred to your business. They provide good reporting that has helped our business gain a better understanding of our own clients. We've been with Eazipay for several years and all throughout that time we have received great customer service that has a very personal feel to it. It can often feel like you're their only customer!

★★★★★

Michelle
John Cashin Tuition
We have been using Eazipay for our private tuition business for approximately seven years and we couldn't be more impressed. Deciding to use Eazipay has been one of the best decisions we have made. It is so much easier for me now that I do not have to chase customers for payment, it's all done for us - like clockwork. The staff are so helpful, courteous, friendly and super efficient. A very professional service indeed. For me Eazipay are worth their weight in gold!

★★★★★

Mark Ward
Midland Tech
Midland Tech have been using Eazipay for nearly four years and the service has been excellent. It's easy to use, payments are received promptly, and customer service is very good. Emails are answered quickly, nothing is too much trouble, and everyone you deal with is very knowledgeable and friendly I would recommend Eazipay to anyone.

★★★★★

Oliver Thompson
CCCit
We have been using Eazipay to take direct debit payments from our clients since 2008. As a long standing customer our business could just not run without the assurance that we are going to get paid on time. Eazipay has allowed us to grow our business without the hassles involved in collected numerous monthly payments. We really appreciate all the hard work and expertise that the team at Eazipay bring to our business. Thank you from everyone at CCCit

★★★★★

Andrew Straton
Yorkshire Dales Sailing Club
Eazipay have been collecting Direct Debits on behalf of the Yorkshire Dales Sailing Club since 2009 and we have never looked back! It has made our administration, run entirely by volunteers, so much easier and saved us large amounts of cash by not having to post reminders to members every year. Thank you EAZIPAY, you do a great job and I would (and have) recommend you highly to anyone thinking of using a Direct Debit system in the future.

★★★★★

Emma Statham
We have been using the services that Eazipay Ltd offer for some years now and cannot recommend them highly enough. in a nutshell, they offer an incredibly professional, personal , and faultless service allowing us to collect direct debit payments from some of our customers, hassle free. Natalie Terris is our account manager, and she is helpful, friendly and knowledgable. All our queries are dealt with simply and swiftly. All the Eazipay processes we use are simple to use. We wouldn't go anywhere else- Thanks Eazipay! x

★★★★★

121 IT Services Ltd
We started working with Eazipay in September 2013 and since that time they have made both our clients and 121 IT's life so much simpler. The staff are great, friendly and very good at what they do. Would totally recommend them, thank you.

★★★★★

Mark Wyatt
Telecom Network Services
Telecom Network Services has been a customer of Eazipay for 14 years, since I started the business. The staff at Eazipay are outstanding, always efficient and process payments accurately and on time everytime! I recommend Eazipay Ltd, they are a great company to do business with.

★★★★★

Steven Bourne
We have been a client of Eazipay for over two years now and the service is excellent. There is always someone available on the end of the telephone to deal with any queries and it is a very professional set up. The way in which the system operates is very straightforward and we save hours of time and hassle compared with using the old method of standing orders. I would thoroughly recommend Eazipay to any business which wants to make collecting money easy!

★★★★★

Emma Martineau
Phones 4 Business started collecting payments by Direct Debit in 2007. We chose Eazipay and have never looked back. I daren't calculate how much time I have saved in using Eazipay and staying with them is a no brainer! Why change when I have such a good supplier? It is service that counts; Natalie Terriss and the whole team are always very friendly, efficient and reliable. I have no hesitation in recommending them.

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