In this recession, all businesses could you use more money in their accounts. Here are some tips for increasing your cash flow in a tight credit market.
Bill Customers ASAP
Require your customers/clients to make deposits; try to obtain your cash payments at the time of service. You can also include discounts if the customer makes prepayments.
Follow-Up with Overdue Accounts
Do not wait any longer. Follow-up with customers that have overdue accounts. It is always good to pickup large checks in person.
Lastly, utilize account aging reports to help you determine the projected cash flow.
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About the Author: Priscilla Walker is the president and CEO of Your Dependable VA, Inc. (YDVA, Inc.), a business support & cost effective solutions company. We provide high premium business support and cost effective solutions for small businesses. We focus on administrative assistance, social media marketing, and business development. For more information, please contact us at [email protected].
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