Just as much as it’s a goal for many business owners to reach the six- or seven- determine money mark, it’s much more essential to have a business that’s debt free of charge, so that the profits you make are yours to keep.
And to do that you have to manage your cash flow.
Many businesses end up closing their doors because they don’t nail down the idea that spending more than you have without a way to pay the money back is a losing task.
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After all, you can’t profit much whenever you can bring in large sums of money simply to see it flow back out again in bad loans, fees and the like.
Here’s how you can create a debt free business using proper cash flow methods:
Make a plan – What do you wish to accomplish with your business? Make these decisions now, and keep checking back again on these goals to make sure whatever you are spending follows your program. It’s easy to get caught up in the newest and greatest, must-have item. But does it fit your plan? Otherwise, pass on it.
Make sure you get paid — As obvious as it sounds, many people forget to ask for the money owed for them. So when you need to bill someone for your services, make it a priority to do so. Put it on your calendar. To avoid being stiffed by customers, create a contract that will asks for fifty percent of the final price up front and the other half payment due upon delivery of the product. A client who has already invested money in you might work with you to get complete fulfillment.
Make it easy to work with you — Give customers different options to pay you. Accept credit cards online and via mobile phone. Also, accept checks and cash orders if people feel unpleasant sharing their credit card information on-line.
Charge late fees – With regard to overdue accounts, charge a percentage from the balance due as a late charge. In order to do this it will have to be obviously stated in the contract and on your site. And, for clients who have acquired checks returned or have incurred late fees, limit the options for transaction to credit cards or third party providers like PayPal.
Use your grace time period for bill payment – Stretch out the payment period for your bills as long as you can to keep disposable income. Don’t incur fees but pay out as late as you can.