photo credit: quaziefoto
Being in business for yourself has several benefits as well as drawbacks to it. It also has many different thing’s that as the business owner you need to manage, which can quickly become overwhelming if your not properly prepared. One of the biggest thing’s that you need to manage is your cash flow.
Capital Solutions Bancorp recently did an article on different ways to help you manage your cash flow. Include a payment due date on all of your invoices, this will ensure that your client know’s exactly when they need to send in their payment.
Consider accepting partial payments with a date that the rest is to be paid by. It’s always better to get something now then nothing for a long period of time. Ask for a deposit up front with the remaining balance to be paid when the service or job is completed.
Review expenses. Do you need all those items? Can you cut costs? Here’s your chance to get creative! It never hurts to try negotiating for a better rate. If you’ve been a customer for a long time, the vendor might cut you a price break.
Can you add to the list of how to manage your cash flow?