putting an addition on a bungalow rolling meadows mobile home room additions woodstock glass addition to house 1950s kitchen remodel beach park addition to your home .. Chicago Drug testing

Five Quick Ways to Speed Up Cash Flow

At one point or another, almost every business runs short of cash. Whether due to normal fluctuations in demand or an unexpected decline in sales, cash shortfalls are the bane of every company, and are responsible for sleepless nights for many business owners.

Yet, there are a number of simple ways that you can reduce your dependence on your company's line of credit and increase the cash that you need. Here are five no-cost methods to try:

Increase Receivables Collection Efforts: This is the easiest and fastest way to generate cash but, surprisingly, most companies do a terrible job of it. Start by calling all customers whose invoices are between 25 and 30 days old to ensure that they have your bill and to find out when it is scheduled for payment. These are the easiest collection calls to make and they often result in faster payment. And, it allows you to quickly rectify problems that may delay your check.

Get Payment In Advance: Another often overlooked technique is to simply ask customers for advance payment, or for a partial payment for goods and services. This approach is especially valid with large purchases, or on work where you'll incur significant expenses before being able to deliver the final product. Most customers will agree to such a request without asking any questions.

Invoice More Frequently: Many companies send out invoices once a month, typically at the end of the month. That gives buyers who purchased early in the month up to 30 additional days to play with your money. The frequency with which you prepare bills will depend on your business, but most companies can justify preparing invoices at least weekly.

Shorten Your Payment Terms: Most accounts payable departments schedule your payment based on the terms printed on your invoice. If you provide 30-day terms, don't expect to get paid before then. However, many customers won't even notice if you change your payment terms to 15 days, or request payment upon receipt of your invoice. You'll still have to nudge the same "slow pays," but your good accounts will probably process your invoice more quickly.

Accept Credit Cards For Payment: This isn't really a no-cost method, since you'll have to pay a service fee to the bank that clears the transaction. But, you'll get paid within days and eliminate much of the clerical support required to follow up on payment. Those savings alone often more than offset the service charges. And, your customers might even thank you for the frequent flier miles they pick up by using their credit card.

There is, of course, one other important way to quickly generate cash for your business, and that is to increase your attention to sales. In all but a handful of cases, increased sales will make cash flow problems disappear.

William von Achen is president of Strategic Management Resources, an executive coaching and management consulting firm offering advice and counsel to business owners and senior executives. For more information visit our web site at http://www.smrweb.com.

In The News:

Boat Detailers; Add-on Products and Services

As a Boat Detailing Specialist, you may want to offer... Read More

Local Search and Internet Yellow Pages - A Whole NewVocabulary for Small Businesss

Buyers want both online and local information about where to... Read More

Building A Business That Works For You

Before you want to build your business, you need to... Read More

Small Business Owners - They Owe You The Money Why Dont They Pay?

Doesn't it frustrate you when you've given good service, sometimes... Read More

Small Business Checks ? Money Saving Options

When you go into business for yourself, there are many... Read More

Small Business Stress Buster: Completion not Perfection

Completion not Perfection Five Keys To Doubling Your Productivity and... Read More

Breaking The Chains!

Everyday, customers and business owners are bombarded with billboards, logos,... Read More

Packing Material Thats Cheap!

Shipping materials can be expensive! Even the styrofoam "peanuts" can... Read More

5 Small Business Management Questions to Help Choose Marketing Programs

As small business managers, we juggle limited resources in a... Read More

Who Does Over Disclosure Really Hurt In Franchising?

Costs of over regulation and over disclosure end up hurting... Read More

Why Do Franchisors have Exclusive Territories

The reason we Franchisors call it an exclusive territory is... Read More

Boy oh Boy, The Obstructions and Obstacles

The bad things starts with the letter 'O'?.like Obstacles, Obstruction,... Read More

The Responsibility Conundrum - Where art Thou?

Mr/Ms, 'not me' is often on holidays in your business.... Read More

Hiring A Virtual Assistant Can Help Your Business Grow

Are you a home or small business owner and you're... Read More

Fire the CEO

If you are the boss and you think your job... Read More

The Misconceptions of the Value Of Disclosures in Franchising

Disclosure laws in franchising are suppose to help the consumer.... Read More

How to Give Informative Talks

Why should you do informative talks to smaller groups?Informative talks... Read More

Why is My Restaurant Not Full Every Monday Night?

In a quest for customers and to keep those customers,... Read More

The Greatest Challenges the Internet Consultant Faces!

While there are few career paths that some would call... Read More

Wichita Kansas is a Great Place to Run a Business

We love Wichita because it has great all round weather... Read More

Window Cleaning Business Case Study

How do window cleaning franchise businesses start? It is a... Read More

Where Can People Find Information About Starting A Business?

Approximately 200,000 new businesses are started each year. More people... Read More

A Lesson From ?The Apprentice? That Can Make You A Master

I have to admit, I was curious. When I saw... Read More

11 Things Small Business Owners Can Learn From Tiger

1. There Are No "gimmes" ? They count two-foot putts... Read More

Making Your Purpose Your Business Step #2- Getting From Point A to Point B

In my previous article, Step 1, your challenge for the... Read More

led lights for sale led street light suppliers Pete's produce ..
led lights for sale led street light suppliers Pete's produce ..