7 Ways To Give Your Small Business A Money Makeover

I think the following raises some excellent points about Money Management on Small Business. I’ve included a few of the highlights for you to get the gist of the article:

Every small business, even the most successful, can benefit from a money makeover from time to time. Some of the best changes are those that are operations-based because they can help you improve your business finances on a larger, more sustainable, scale.

Modify Your Accounts Receivable Process

A key to ensuring adequate cash flow is timely invoicing and collecting payments. If you invoice your customers on a loose and sporadic schedule, you will get paid on a loose and sporadic schedule. Create a standard billing policy, that includes clear payment terms, and outlines the process you will take to collect on unpaid bills, then follow through. And don't be afraid to reach out to your customers personally to inquire about payments. Sometimes a personal touch is all you need to make sure payments are sent on time.

Get Rid of Obsolete or Zero Usage Inventory

Unused or outdated inventory doesn't only take up space, but it also wastes money. Conduct an inventory analysis a few times a year to see what you have stored that you don't anticipate selling or using in the next 12 months. All of your inventory that is in good working order can be sold at a discount, or even back to the vendor, giving your business a quick bottom line boost.

What do you think? Maybe you’d like to read on? Check out the full version here then give me a call to discuss how this might impact your own business: (0410) 467-183. Alternatively, email me at [email protected].

Thanks,

Greg