Ways to protect your cash flow. Cash flow can make or break a business. Always know the exact amount of cash in each of your accounts. No guessing!
Take your total from your accounts and deduct all the checks and debits you have written to get an exact balance.
Figure your cost of doing business each month. This is the amount you have to put out no matter what happens in the business. Keep this figure as close to the necessary funds to run your business on a monthly basis.
Never expect to be paid on time. When creating your budget plan in at least two weeks worth of funds. Keep this in reserve. Never to be used except to get you past clients who are late pay.
Try to use Free and Organic growth in building your business. There are plenty of tools and help that come with no charge. Find them and use those first. Then resort to the ones that come with a price tag.
In the event you must borrow funds, build a face to face relationship with the lender. Pay back in a timely manner so if you need future funds you can work with the same company. Many times that comes at a lower rate.
Ask for terms on everything. Try to make your funds stretch where available as long as you possibly can.
Ask for pre-payment from clients. This way you are never working in the rear. You are using their money and not financing their services or products.
Money is similar to a tide. It goes out and in, and out and in. Don’t freeze when it is out, yet see clearly how and when it will return.
If you are having issues collecting payment. Do not waste valuable time and allow a collection agency to collect for you. The sooner you have them collect the more likely you are to get your payment.
MCA is a third party debt collection agency that has been in constant business since 1950. We are rated A+ with the Better Business Bureau and we pride ourselves on excellent customer service along with delivering great recovery rates. There is no cost to you unless we collect! Why not try and re-coop some of your past due accounts with no out of pocket expense?
