Improve Your Company’s Liquidity to Finance That Opportunity Just over the Horizon
Gary W. Patterson, president & CEO of FiscalDoctor®, sustainable profitable growth and enterprise risk management (ERM) expert, and speaker advises executive leaders to Spring Clean their financial houses, beginning with preserving or improving their cash reserves to exploit fleeting hidden opportunities. Patterson updates 7 sure-fire tips on how to improve your cash flow and fortify your company’s position in the marketplace.
- Scrutinize (or Obtain) your Rolling Operational Operating Statement.
- Learn which products are loss leaders and either get rid of them or, at the very least, consider raising prices.
- Ask employees for suggestions. Heed the adage, “Ain’t any of us as smart as all of us.”
- Postpone purchases.
- Review inventory levels by how many days’ sales and adjust outstanding and future orders appropriately.
- Send out all accounts receivable statements monthly.
- Do more with less. There is a reason why this tried-and-true phrase exists.
Ensure you timely and accurately receive the management information reports to easily complete these reviews. What other key information might you be missing? Call now to answer your situation 678-319-4739.
Patterson suggests that companies pull this list out every six months to see where and how you can better manage your company’s cash flow. When the economic climate changes as dramatically and as frequently as it seems to be nowadays, remember that cash is better than king – it rules.
About Gary W. Patterson
Gary W. Patterson, president & CEO of FiscalDoctor®, has been interviewed or presented internationally at over 151 of the leading and most prestigious publications and groups in the world and helped over than 200 companies during 30 years, spanning supply chain, technology, transportation, construction, and service industries.
His book Million Dollar Blind Spots: 20/20 Vision for Financial Growth provides cutting edge follow-up for blind spots: how to identify them, exploit opportunities and mitigate risks. Visit his website at http://www.fiscaldoctor.com and “free” fiscal fitness test at http://www.fiscaldoctor.com/fiscal-quiz/ , or call 678-319-4739.
© Gary W. Patterson ###