Ever wondered what happens to all those students who have completed their A Levels? Research by HSBC has found:
- Almost a quarter of people starting university this year plan to work for themselves when they graduate.
- Half of the students questioned said the recession had made them want to run their own business more.
- 50% of students starting university this year want to work for an established business
- 24% want to work for themselves
- 15% will do an unpaid internship when they graduate.
The research also found an increase in the number applications for vocational courses.
This year 76% of students have applied for vocational courses, compared to the 66% of current students who say their course is vocational.
Do your customers pay on time?
How frustrating when they don’t and the impact this has to your cashflow! Below are some suggestions as to how to make it easy for your customers to pay you, however some may well seem obvious, but you will be surprised by the number of businesses that don’t do these simple steps, however some may .
- Always include your bank details on your invoices to enable online transfers to be made (Bank Name, Sort Code, Account Number). This is one of the quickest / easiest way for you to receive the money due to you. It is usually the cheapest way to receive money into your business bank account.
- Ensure that all relevant / important information is on your invoices too – such as registration number, mailing address (just in case they insist on sending a cheque!), VAT number if applicable.
- Schedule time in your diary to send invoices in a timely fashion. Dependent on the nature of your business this could be weekly, bi-weekly, or monthly.
- Have clear payment terms and conditions in your contract and repeated again on the invoice, with an explanation of the consequences of late payments.
If you are a service industry how do you invoice your time? Do you track your hours? There are a number of free online tools to enable you to do this – one we have experience of is MyHours – http://www.myhours.com – it really can help when you are working on a project – you might just be surprised how much time you’ve actually used!
For larger companies, it really can pay to send a monthly statement out as well as the invoices. Many of the larger companies wait for a monthly statement to arrive before they make payment.
We hope that you’ve found this information useful. For further assistance please do contact Dawn.