CASH FLOW MASTERS: Two Good Business Habits to Have

CASH FLOW MANAGEMENT

Two Good Business Habits to Have

Robert Inkaka Kanyamanza

1. Deposit Cheques As Soon As You Get Them
Delay is cash flow’s worst enemy. Customers who take their time paying are parts of the problem, so don’t make the problem worse with slow cheque handling.

ROBERTKA Business Solutions specialists suggest that you:

  • Don’t hold on to cheques until the next day or – worse – the end of the week. Consider depositing cheques daily.
  • Generally, you will get same-day credit for the cheques you deposit, but be aware that mailed or ATM deposits may defer for in-person deposit.

2. Build a Base of Continuity Sales
Continuity sales are prepaid goods. There is no many better ways to improve cash flow than to convince customers to pay up-font.

How do you get your customers to do this? ROBERTKA Business Solutions recommends that you make them an offer: The idea is very similar to early payment discounts. You offer a savings for a cash commitment in advance. It could be

  • a one-time payment for goods or services you will deliver weekly or monthly in the future,
  • a customer card worth 10 items that are checked off with each use, or
  • it could be a regular “subscription” fee.

The benefit for you is an up-front flow of cash – and perhaps an component of your customers loyalty program as well.

For a lay of cash flow program on good business habits customized to your particular business, contact us:

ROBERTKA Business Solutions
Is always looking out for your success.

 

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We are a Media and Communication Company specialized in the production of business information contents, financial and management notions and analysis. We also produce and publish World and African business headline news. We mostly focus on producing text and video analysis covering worldwide economic, commercial, management and financial trends which have a strong leaning and inclination on African businesses and affaires. We publish under the banner of our consultancy house: ROBERTKA Business Solutions.inc Join the conversation!

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