One of the challenges of running a small business is dealing with the feast-or-famine nature. That’s not just about the flow of business, but also the flow of cash. Sometimes things get tight; here’s how you can improve your business’s cash flow
Bill Promptly Ever find yourself so busy building your business that you don’t get around to billing regularly? You’re not alone. This is a common but potentially crippling problem.
If you don’t already have a system in place, start billing for projects on a regular basis. When taking on longer-term projects or clients, negotiate in advance for regular payments instead of allowing the amount to build up.
Create Incentives for Faster Payment Small businesses can sometimes cut the time spent waiting for payment by offering a discount for quick payment. I’ve received bills from businesses offering discounts of 1% or 2% for payment within 10 days. If I was going to pay the bill within 30 days anyway, I’m likely to pay up right away to get that extra discount. Good for my bottom line; good for the business’s cash flow.
Avoid Slow Pay and No Pay Customers...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
