Juggling unpaid invoices while trying to grow my business is a real challenge. I’ve been tracking some metrics, but I’m not sure if they’re the right ones. Anyone else struggle with this balance? What metrics do you focus on to keep things moving forward?
I focus on cash in the bank and invoices paid. Simple, but effective.
For growth, I track new clients and repeat business. Update these weekly in a basic spreadsheet.
With unpaid invoices, I send reminders at 2 weeks, then follow up with a call. If they don’t pay, I pause work.
It’s about finding a balance between chasing payments and bringing in new business. Adjust as needed.
Been there, done that. It’s a real balancing act.
For me, the game-changer was focusing on cash flow above all else. I track:
- Days Sales Outstanding (DSO) - shows how long it takes to get paid
- Accounts Receivable Turnover - how fast we’re collecting
- Operating Cash Flow - the real money coming in
These tell me if I’m actually making money or just looking busy on paper.
For growth, I keep an eye on:
- Customer Acquisition Cost
- Customer Lifetime Value
- Monthly Recurring Revenue
These help me see if we’re growing sustainably or just chasing our tail.
I use a simple spreadsheet for all this. It’s not fancy, but it works. The key is consistency - I update it weekly without fail.
For unpaid invoices, I set up auto-reminders at 30, 45, and 60 days. After that, it’s time for a phone call. Sometimes just talking to someone clears things up quick.
I just look at my bank account. If it’s going up, I’m doing okay.
For unpaid stuff, I just bug 'em every week. Most people pay up eventually.
Not much for fancy tracking myself.
Tracking metrics while chasing payments is a constant juggling act. I’ve been there.
Here’s what works for me:
- Cash on hand
- Average days to payment
- Profit per project
These give me a quick snapshot of my financial health.
For growth, I focus on:
- Lead conversion rate
- Repeat client percentage
- Revenue per client
I use a basic spreadsheet and update it every Friday. Nothing fancy, but it keeps me on track.
For unpaid invoices, I’ve found that a mix of persistence and flexibility helps. I send friendly reminders at 2 weeks and 1 month. After that, I offer payment plans. It’s not ideal, but it keeps cash flowing.
The key is finding a balance between chasing money and doing actual work. Some weeks it’s 80/20, others it’s flipped. You’ve got to be willing to adjust on the fly.
I don’t track much. My spreadsheet’s just a list of jobs. Never been good with numbers.
I keep it simple. Three things I track:
- Money in the bank
- Jobs in progress
- Overdue invoices
That’s all you need to know if you’re making money or not.
For growth, I look at:
- New clients per month
- Repeat business percentage
- Average job size
I update this stuff once a week. Takes about 10 minutes.
For unpaid invoices, I call after 30 days. Most folks pay up quick when you get them on the phone. If they don’t, I stop work until they do. No exceptions.
Remember, you’re running a business, not a charity. Don’t let unpaid invoices pile up while you’re chasing new work. That’s a fast way to go broke.