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It’s common for small business owners to wait until the last minute before paying their bills.

This concept of holding onto money until it is due or not paying bills until the business itself gets paid may seem beneficial in some ways, but it works against the Profit First method of money management.

It is important that business owners pay their bills early whenever possible to appreciate the hidden benefits that doing so provides.

Paying Bills Early Creates Essential Benefits For Small Businesses

Paying bills may be the least enjoyable part of owning a small business, but doing so on time should be a priority.

Why does it matter when an owner pays their bills?

Company owners who pay their subcontractors, supply houses, and other creditors when the invoice is due or even before it is due, build positive standing with those other businesses that can positively affect their own companies.

When a subcontractor or supplier knows that they will be paid by a business on time, the relationship between the two companies grows.

When a small business owner needs to hire that subcontractor again, the subcontractor will remember that they get paid on time or even early and be there for them when needed.

The business owner can rely on that subcontractor to be available when their services are needed, ahead of all the other companies who use the pay-when-paid method, allowing them to grow their business even faster by accepting more jobs.

Similarly, developing this same type of positive relationship with suppliers builds a good reputation with them, positioning entrepreneurs to have more credit extended to them by the supplier.

Effective Money Management Lets Entrepreneurs to Pay On Time

So, how can a small company position itself to be able to pay its bills early, even before it is paid by its own customers?

Using the Profit First cash management system, small business owners can set up their bank accounts so that money is always available to pay bills early.

They can then reap the rewards of loyalty from good subcontractors and trust from suppliers and other companies.

Watch This Video to Learn The Value of Early Bill Payment!

In this short excerpt from the informative Business Growth Hacks Episode 1 presented by Marketing Heroes featuring the Profit First system, Greg Martin highlights the importance of paying bills early, and how small businesses can benefit from it.

Build Good Business Relationships By Paying Bills Early

The easiest way for any small business to keep its best subcontractors and suppliers smiling is by paying them quickly rather than making them wait for their money.

Entrepreneurs wondering how they can make that happen without straining their bank accounts should consider adopting the Profit First money management system.

For more information about Profit First and how to benefit from it, see the whole Business Growth Hacks episode at this link.

To learn more about digital marketing for small businesses, get a free marketing call with Chris from Marketing Heroes!