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10 Tips to Collect Late Invoices Without Upsetting Customers It would be wonderful if all customers paid their invoices on or before the due date. However, that is simply not the way things work. Any business running accounts receivable (AR) can expect some customers to pay late. Some people would never pay their bills if…
Celebrating America’s Entrepreneurs Spanning more than 50 years, National Small Business week, May 1-7, offers us the opportunity to celebrate the 32.5 million small businesses and the countless contributions they make to local communities, their part in bringing new ideas to life and growing the national economy. The Small Business Administration (SBA) theme for National…
Take these steps to minimize your exposure Bad debts rarely occur overnight. There are usually warning signs that an accounts receivable customer is experiencing financial difficulties. If you can spot the signs of a customer struggling to pay their invoices, you can take steps to minimize your exposure. Here are eleven signs that a customer…
However, Effects of Rising Prices can be Managed It is generally accepted that moderate inflation is good for business. For one thing, inflation usually means the economy is growing, leading to higher demand. Inflation also encourages consumers to buy now rather than later. It can also make moderate price rises easier to sell to customers….
How to Anticipate and Act on Them Managing the cash flow of a small business can be tricky at the best of times. Limited resources mean that one wrong move can significantly affect the bottom line and the money in the bank. For example, one bad hire would not bring down a big business. However,…
4 Routines to Follow for Sustained Growth As a business owner, it can be valuable to get a hold of your finances effectively. The tools you have available with today’s technology can help you manage your finances more efficiently saving you time and money. In order to best sustain your business momentum, there are several…
Knowing Working Capital Requirements Crucial for Growth Many businesses fail because they lack sufficient working capital. Quite simply, companies that lack the means to fund their ongoing operations run out of cash. However, working capital is not only required for day-to-day operations. A business also needs funds to develop new products or services as well…
Overcome Shortages with Adequate Forecasting and Financing When the sales graph shows an upward trend, you would expect the bank balance to be on a similar trajectory. However, expanding businesses often experience cash flow problems. A shortage of cash during a period of expansion can impede growth and, in some cases, even cause the company’s…
How to Keep a Tight Rein on Business Expenses A business owner has much on their plate, so managing the finances of a small business can be challenging. Consequently, it can be easy to spend more than anticipated and not discover the overspend until the cash flow gets tight. However, implementing the following processes will…
Monitoring the financial health of a business is crucial for success. When you have a thorough understanding of your company’s financial position, you will be able to make better-informed decisions. However, which of the many financial figures are most critical? Here are the top ten metrics and key performance indicators (KPIs) that every small business…