five quick tips to maximize cash flow
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Five Quick Tips to Maximize Cash Flow
Stacy LuftPresident/CEOCF Grow, Inc.
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Manage Accounts Receivables With Proper Systems
• Invoice Customers on a timely basis
• Be clear on your payment terms• Have a system in place for
collecting payments
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Manage Your Accounts Payables
• Enter invoices before they are paid so that you can schedule your payments
• Set up automatic posting for recurring expenses • Prioritize your payments always covering your
payroll and critical vendors• Have an approved vendor list and purchase approval
limits for your employees
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Budget Your Expenditures and Plan Your Projects
• Don’t try to complete all your projects at once. Plan out which projects are most important to drive revenues or save significant expenses.
• When working with project consultants or vendors negotiate for progress payments.
• Most money lost in projects happens when the company’s needs and goals are not clear.
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Utilize Credit Wisely
• Request credit lines from your Vendors and pay invoices in 30 or 45 days
• Do not pay bills early unless you are able to receive a discount from your vendor
• Open a line of credit with your bank to smooth out cash flow during the month
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Manage Your Company’s Resources Closely Without
Micromanaging
• Know your sales cycle and schedule your orders
• Plan ahead for inventory needs and only buy what you need to fill orders. Utilize “Just-in-Time”
• Schedule your orders to keep payroll costs down. Avoid overtime by keeping a solid work schedule. Avoid the “month-end push”
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Stacy LuftPresident/CEOCF Grow, Inc.
Questions?
80 Orville Drive, Suite 100Bohemia, NY 11716
Phone (631) [email protected]
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