The success of your business depends on a healthy cash flow. But in reality, customers don’t always pay on time, leaving you with a shortage of cash to operate and grow your business. Unfortunately, some business owners try to bully their customers into writing a check. There are better ways to speed up the payment process. Here are five cash-flow solutions that work AND preserve a good relationship with your customers.
1. Solution One: Manage your invoices better by:
a) Making sure all information is accurate
b) Send out invoices sooner
c) Offer multiple payment options
d) Inform customers that you charge interest for late payments.
2. Solution Two: Smaller might be better. Some businesses like their purchases broken into individual invoices, others like their purchases consolidated into one big invoice. Figure out what your customers prefer and adjust your format.
3. Solution Three: Build relationships by making it personal. Get to know the people in charge of paying your bills. If you can’t meet them in person, meet them over the phone. People who know you as a nice person will do their best to make sure you are paid.
4. Solution Four: Offer a discount: Present a small discount for quicker payment; it may just be the incentive your customers need, and it could influence your cash flow.
5. Solution Five: Factor your invoices: Invoice factoring is the process by which a factoring company buys your unpaid invoices and funds you an advance. The cost is minimal, funds are transferred the same day, the approval process is quick, there’s no debt, no payments, and there are thousands of successful companies using this financing option.
For more information on how to improve your cash flow, contact Universal Funding at 1-800-405-6035 or visit us at universalfunding.com.
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