Team GB Olympic cyclists and business owners….what do they have in common?
It’s all about marginal gains….up until the early 2000s, Team GB Cycling had won a solitary gold medal and that’s it – for nearly 100 years of pedal power, the haul was one gold medal.
Then Dave Brailsford came along and put every aspect of cycling training and environment under the microscope, looking for 1% improvements on everything.
1% - not much? That’s not going to break the bank or save a business? A 1% a day increase over a year gives you a 38% gain, versus a 1% decline per day will see you at nearly 0 at the end of the year.
If you’ve been wondering how can you can keep your practice going with less, or how can you do more with the just the same whilst we’re all fighting to survive a COVID embattled economy….the answer is the same as was for Dave Brailsford’s turnaround of Team GB Cycling – the aggregation of marginal gains.
The aggregation of marginal gains got Team GB from one gold medal in the early 1900s, to 20 at Beijing 2008, London 2012 and Rio 2016, 16 Olympic and World Records and 5 Tour de France victories – not bad, hey?
So how can you apply marginal gains to your business, and to your clients’ businesses? Here are the top five things to do:
1. Team GB rubbed alcohol on their tyres for more grip – get a grip of your costs
Payments on cards or using card processors like Stripe, PayPal, GoCardless, SumUp etc are likely to be charging subscription fees and around 1-4% of each transaction. That’s £40 on every £1,000 payment – dinner for your payment processor on you every time you receive a payment! And a survey showed that 1 in 5 small businesses are unaware of this cost.
The gain: Ordo charges a single flat fee of 20p and that’s it. Check out our Cost Calculator
2. Electrically heated shorts to keep muscles warm – insulate yourself against fraud
Fraud cost the UK £451m in 2019 alone.
Every time an invoice is emailed to a client, it’s vulnerable to being intercepted by a fraudster. The fraudster changes the account details on your invoice to their own and forwards it to your client. Your loyal client pays and, of course, the money goes into the fraudster’s bank account and not yours….two innocent victims out of pocket with little redress.
The gain: Ordo sends invoices across its secure platform, not the open internet, and minimises the risk of interception. Demonstrate best practice and give your clients the peace of mind they deserve, knowing that your invoice won’t have been intercepted and that their money is going to the right place.
3. Wind tunnel tested lighter kit fabric – getting your cash flowing in is a breeze
Card payments and payments through processors can take 3-5 working days to clear and be available for you to utilise.
The gain: Ordo transfers money immediately – directly from your client’s bank account to yours, being instantly available for you to spend. No delay, no waiting, just perfectly flowing liquidity.
4. The tear drop aero helmet – streamline your billing, payments and reconciliation processes
A recent survey showed business owners spend nearly 10 hours per week on business billing and payment administration….that is at least 9:45 hours per week that would be better spent on growing your business!
The gain: Ordo credits your bank account with the payments from your clients with exactly the referencing you want, so no more hours spent tallying up payments with invoice numbers or evenings trawling through accounts for who’s paid and who hasn’t – it’s all automatic and can be seen at a glance.
5. Re-designed saddles – get your clients comfortable and happy
Happy customers mean paying customers, and sending out invoices that need to be looked up with references and amounts will only be a barrier; you’ll be waiting for them to remember and to get around to logging into their online or mobile banking, looking up the amount, and maybe putting in your account details and reference correctly. Or maybe not.
The gain: Ordo notifies your clients the moment you send them a bill on the thing that will always be close to their heart and hand…their smart phone! Within a few taps, they can pay without having to go into emails or their bank, no matter where they are, meaning you’ll get paid quicker.
Ordo is an end-to-end encrypted request-for-payment service. It aggregates the (not so) marginal gains of low cost, optimal efficiency and best practice in fraud prevention to save you and your clients time and money. We’re also integrated with QuickBooks, Sage and Xero to be even more slick.
You might also be interested in
Ordo removes hassle & headache from payments, making getting paid easy. Ordo means reduced costs, immediate money transfer, automatically reconciled payments, invoice security, and happy customers. We’re FCA authorised (FRN836070), invested in by Nationwide Building Society, the former Faster Payments leadership team & CGI partners.