From around the 20th of each month we get flooded with what used to be window envelopes and are now emails.

They start with “Dear valued customer”, and then inform us how much we need to pay, to which bank account, by when.

Don’t grab your mouse (previously check book) and start doling out your hard-earned money. First make sure that what they are asking for is correct, that you received the stated goods in good condition, and that the quantities you are being billed for are correct.

Make sure your previous payment has been acknowledged, and then pay the outstanding amount. While you have the invoice and statement in your hand, also think about the expense. Is this item necessary, does it serve the purpose, or could you spend this money more effectively elsewhere?

We tend to focus on sales when we are running a business, but expenses can be a big drain on cash flow and sometimes makes or breaks your company.