💫Think Outside The Box Moment (Sponsored by http://www.goodbye5.com)
Read the following excerpt from small biz trends.com: “From online invoice software to better budgeting systems and effective cash flow management, this challenge can be overcome. However, virtually every small business owner has cash flow problems. One simple tip is to keep strict track of your money, where it’s coming from, and where it’s going.
In “How To Get Rich”, Dennis Publishing founder Felix Dennis had problems getting a loan for his business from a bank. His solution was to keep astute track of his income and expenses. This highly professional bookkeeping impressed the bank, and he finally received his loan.”
Think about your company’s current cash flow management system. How can you improve your process to make it more efficient and streamlined? Think about what’s important to you when selecting software and companies to help you manage your transactions. Lastly, consider this…what if you’re paying more than you need to pay in fees for processing? As a business owner, have you done your due diligence to better understand your cash flow options?
This week, take the time to review your monthly transaction fees and invoice payment rate (timeframe between when an invoice is sent compared to how many days it took for the customer to pay) from the past three months. As you’re reviewing your cash flow management system…Let’s talk!
⭐️⭐️⭐️Do you believe increasing invoicing efficiency and reducing transaction fees could potentially increase your cash flow?
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