How to make it rain and get your money!

One of the subjects I’m often asked to discuss with small business owners, sole traders and suppliers is the matter of money and managing cash flow. How to make it rain and on the reg (ular). How can they get invoices paid on time? How can systems and processes be put in place to manage money and expenses more efficiently and for cash flow to come in regularly.

Most conversations where money is involved can make people feel uncomfortable, myself included. I know personally I hate asking people for money owed to me. I feel bad for asking, then feel bad that I am made to feel bad as it’s my money and I’ve kept up my side of the deal. In short while you can be the best person you are, have a multitude of procedures in place and have more OCD than I do, often when you have to rely on others, that’s where you’re let down.

This topic and having to chase people up, makes me so uncomfortable and really uneasy. That the best thing for my business, was that I had to take my own advice and outsource this to someone who enjoyed it. I had to realise that I can’t do everything all the time, nor did I want to. That stress and anxiety are bad for me and that my time can be much better directed doing things I enjoy and am good at. Delegate; I highly suggest it!

Before anyone freaks out and thinks this is a not so direct dig at them to pay me, you should all know I’m direct enough to tell you or have someone else do it; I never pussy foot around. This is not the reason why I’m writing this, but more so, to shed some light on a topic which most (if not all) small business face at some point.

As I sat down to write this, it was evident that I had a lot to say about the matter and some of it was really good, and really beneficial.  Rather than bore you and make it an essay the size of a thesis or my memoir, I’ve decided that I’m going to break this down in to a series of blogs. It’s likely you’re reading this on your phone and watching TV at the same time. There is only so much multi-tasking we can do (myself included). I wanted to break it down so  you’d get  greater benefit from  the content and the  the take away’s provided.  Put in place what we’ve discussed, then move onto the next ones.

How many installments will it be? I don’t know. How often will I post? Good question. BUT, you can sign up to follow this blog , so when anything is posted you’ll be notified. Like all of what I do, I love feedback, comments and interaction.  If you’ve anything to share and bring to the party, feel free. I welcome active communication and positive engagement.  Comment on the page or  via any of my social media pages.

OK so let’s get into it shall we? Read on!

How to make it rain and get your money!

If you’ve ever provided any work for me, you’ll agree I’m one of the few, weird individuals that actually chase people for their invoices; so I can pay them. The mild case of OCD and highly organised me actually likes that I can tick this off my list, (yes I am a list maker).  I believe that when a job or service is provided the normal thing to do is to close out the past job, moving onto  the next one. What can I say, I like closure.

I encourage everyone at some point to process and be responsible for paying DJ’s. If you weren’t organised before, you will be after this exercise. Truly an eye opener and one that encourages you to get your shit together. Now before  any of my DJ associates and friends harp up, no you’re not all in the same category, yes I love most of you, and yes I have purposely not booked DJ’s because of how much of a nightmare they are when it comes to  them chasing/ stalking me in relation to their invoices.  I’ve a subsequent number of grey hairs from this one task alone, ask my hairdresser. True story!

Like casual bartenders, you realise that there are a lot of people that live week to week. That while they’re only doing a two hour gig at your venue, that these 2 hours are a small part of what adds up to covering their weekly expenses. It all adds up and this is pretty common place for a lot of musicians, freelancers, creatives and contractors. Rent has to be paid, food purchased, new tracks found  to play in their sets and transport to the gigs sorted. (These are just a few examples, I could go on. We’re talking basic living expenses and  the tools necessary to do ones job).

Don’t think that all artists are starving though, (and I’m in no way generalising here) some  artists I know make better coin  than that of those in high placed corporate environments. Musicians in suits, making more than the suits! Food for thought.  What I’m saying is, be mindful of the situation when you’re processing payments for everyone. (Mostly they’re poor though, so pay them).

There’s something pretty special about having a sauced DJ on a Friday night calling, emailing and texting you continually about payments. The heavy breathing, the feel that they’re sweating on the other side of the phone line and the angst and slight fear is what that makes you sort this  quick smart. My suggestion? Pay them on time, OR whoever is responsible for making payment, you give out their personal mobile phone number to them and they can get the calls instead. Rest assured  thereafter it’s generally smooth sailing and everyone is happy come a Friday night.

There is a misconception that the money goes to drugs, but let me let you in on a secret (and I’ll probably get shot for this) but there is nothing more frightening when you’re met with  (or even the thought of ) a DJ that can’t fill their cart of tunes from Beatport or Traxsource. That  Seth Troxler is the real issue, not waging a war on K! Yes over sites happen, yes there are delays, yes people forget make mistakes. My advice?  Be honest and realistic,man up to a mistake being made and apologies.

It isn’t easy, but over the years, I’ve picked up a few tried and tested tips which can make it easier, better and of benefit. How you can improve on managing yourself, your accounts and relationship’s. But like I said, this is a series so you’ll have to sit tight.  Think of it like a week to week of GOT, no illegal leaks here friends.  Stay tuned,  cue the not so dramatic music and roll on the credits!

Remember the conversation doesn’t have to end here,  and you can  always comment here on the blog or on  our social media pages.  Remember to subscribe to our blog so you’ll know as soon as we’ve posted the next installment or never miss another blog again.

Thanks

Chrissy