Your CV in PDFPosted by ibusiness on December 12th, 2017 When customers owe you money and you have little cash flow, this situation can lead to many financial problems. Evaluate your current accounts and make any necessary changes to your payment methods.
If you have significant overdue payments, for example, consider enforcing payment discipline. Impose fines on late payments and provide incentives to customers who pay early or on time. Make sure you are also getting your invoices out quickly so that your customers are able to submit their payments early. Increase the Use of Technology for Customer Payment Technology is important in improving both customer acquisition and increasing payment times from customers. Businesses that operate and communicate with customers using convenient forms of technology can market to a greater group of potential consumers. Additionally, when customers have the ability to submit payments electronically, you can increase the likelihood of getting more on-time payments. Receiving cash in a timely manner can significantly improve cash flow. Re-Evaluate and Fine-Tune Inventory Pricing Regularly evaluate your inventory. Take note of which items sell and which items sit on shelves for long period of times. Evaluate which services customers are ordering the most and which ones they are not scheduling at all. Products that take longer to sell tie up cash flow and take up important storage space. You can also adjust your prices to promote low-selling items and replace them with better-selling items that produce a higher profit point. Like it? Share it! More by this author |
