This economy left no doubt that cash is king, for a business cash flow is king is more fitting. Cash flow is how you pay your bills and yourself so managing cash flow needs to be a high priority for every business. In fact we consider cash flow the most crucial measurement, EBITDA is the product of imaginative financial engineering where income is what pays the bills. Here are some ways we improve cash flow for our clients:
Re-evaluate monthly recurring expenditures: a great way to quickly improve your cash flow would be to reduce the monthly ongoing expenses of the business. Look at every item and find out what can be saved by switching providers, adjusting service levels, freelancing talent, canceling expenses that haven’t paid off, & renegotiating debts and payment terms.
Manage credit much better: credit can be a great tool which allows you to pay a small fee to buy you the most valuable commodity there is, period. A good credit line can help you buy an extra 30 days or more at a marginal cost. Properly managing your credit line may protect your ability to access it, unless you currently have a credit line consider getting a single.
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Even an asset-based line will help ease periodic cash flow issues because they arise.
Watch for hidden fees: understand the terms you agreed to & periodically review your statements to make sure you are paying what you are suppose to be. Actually big well know companies are actually caught with “accidental” additional costs on their statements so review even though your at it track the changes in charges to make sure your costs aren’t rising faster compared to they should be.
Work in price increases: cost increases generally work best if they are phased in over a period of period (say 12 to 24 months). Plan out the price increases over time and most clients won’t say a phrase, you can always address individually those who perform.
Encourage your clients to pay a person early: offering a small discount with regard to early payment is a great way to get clients to pay you before their payment term your savings in accounts receivable costs can often balance any discounts given, and you get your cash sooner.
Shorten your invoicing time: the quicker you bill the quicker you get paid. An excellent invoicing system can quickly generate invoices and get you paid in much less time. The only way to make invoicing efficient is to systemize it; luckily there are a host of tools and methods to implement a better invoicing system.
Purchase growth: a well thought out and targeted marketing plan will grow your company and make long standing enhancements while controlling the costs associated with applying such a plan.