More recent articles suggest business be flexible for WHEN things slow or even downturn. This uncertainty always presents opportunities either to exploit or to prevent yourself being blindsided at the worst time, by someone seeing you as an opportunity for them to exploit.
Some of you reminded me that both in good times and bad times, leaders always can use more cash. I accepted their suggestion for this ezine.
Searching through my vault, I found and updated my 7 best tips list on getting more cash quickly. Consider these 7 sure-fire tips on how to improve cash flow and fortify your company’s position in the marketplace.
- Ask employees for suggestions. Heed the adage, “Ain’t any of us as smart as all of us.”
- Scrutinize (or Obtain) your Rolling Operational Operating Statement, for deeper looks.
- Learn which products now are loss leaders and either get rid of them or, at the very least, consider raising prices.
- Postpone purchases, when current justification appears questionable.
- Review inventory levels by how many days’ RECENT sales and adjust outstanding and future orders appropriately.
- Send out all accounts receivable statements monthly. Believe it or not, people get sloppy in good times
- Do even more with even less. There is a reason why this tried-and-true phrase exists.
Ensure you timely, accurately AND REGULARLY receive the management information reports to easily complete these reviews.
What other key information might you be missing? Hard to have too much cash.
Pull this list out every six months to wash, repeat and 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 nowadays, remember that cash is better than king – it rules.
Call now to discuss your situation
Thanking you in advance, Gary
Reduces financial risk, strategically aligns companies, and increases profit
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