This economy left no doubt that cash is king, for a business income is king is more fitting. Cash flow is how you pay your expenses and yourself so managing income needs to be a high priority for every business.
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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 costs: 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 changing providers, adjusting service levels, freelancing talent, canceling expenses that have not paid off, & renegotiating debts and payment terms.
Manage credit 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 additional 30 days or more at a marginal cost. Properly managing your credit line will protect your ability to access it, unless you currently have a credit line consider getting a single. Even an asset-based line will help ease periodic cash flow issues as they arise.
Watch for hidden fees: know the terms you agreed to & regularly review your statements to make sure you are paying out what you are suppose to be. Also big well know companies are actually caught with “accidental” additional fees on their statements so review even though your at it track the particular changes in charges to make sure your own costs aren’t rising faster compared to they should be.
Work in price increases: price increases generally work best when they are phased in over a period of time (say 12 to 24 months). Plan out the price increases over time and many clients won’t say a term, you can always address individually those who perform.
Encourage your clients to pay you early: offering a small discount intended for early payment is a great way to obtain clients to pay you before their payment term your savings within accounts receivable costs can often offset any discounts given, and you get your cash sooner.
Shorten your invoicing time: the quicker you invoice the quicker you get paid. An excellent invoicing system can quickly generate bills and get you paid in a lot 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 focused marketing plan will grow your company and make long standing improvements while controlling the costs associated with implementing such a plan.