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Get The Money you need for a successful cash flow

Date: 2010-01-01 | Author: Edward Bryce

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hat do you do when your customers owe you money? If you've done your work, but customers are slow to pay - or not pay you at all! Naturally, this is a very embarrassing situation. Cash flow is the process of obtaining the money you are owed in the most optimal time.

1. You are a credit provider

Provide a bill is an extension of credit. If the cost is high, run a credit check before starting work. This will show whether the company or individual that is working on is having financial problems and you can deny that you think the work is risky.

2. Dates print clearly on your invoices

If your customers need you to pay now - ask them to do it! Otherwise, customers will receive the invoice, but put it on their pile of other bills that arent as urgent. In some places, the practice of putting dates of your bill may even entitle you to receive interest on money you are owed, or charge fees. Check your local laws. A trick is to highlight the amount due. People will see and think more of her care.

3. Telephone Them

People fear the collection calls. For this reason alone, their call! Ask them if they realized the bill was due yesterday and most of the time for action is the result. Never let them think they can get away with it.

4. Try factoring

Some companies have a relationship with a third party, often a bank or collection agency credit. Instead of having your customers pay, the company will pay you immediately. The idea is that the credit agency will make money if your customers do not pay on time. Of course, the drawback of this strategy is that you have no control over how the agency is treating your customers.

5. Collections Agencies

A more extreme version of factoring, a collections agency actually charge you 10% of the amount you are owed. Through intimidation and the court, the agency working on your behalf, perhaps to seize the assets of your client. Still looking for these bodies to ensure they have a good story, and even then, only use for customers who are well beyond the expiry date of their bill. Also, always try to have one last talk with your client before this stage - sometimes people are really lazy or forgetful, even if they have a lot of money.

6. Worst Case Scenario

In the worst case, you just do business with a company that is close to bankruptcy, but it is not yet legally bankrupt. The money you are owed is a small drop in the lake of the debt that the company could be, and you are at the end of a long line of creditors seeking money. In this situation, you must be prepared to settle for less than the amount of the original invoice, or you can risk getting nothing. In the end, it might be better to pause and make the money grow in a legal framework for bankruptcy and do nothing at all.

Tag : cash flow, cash flow statement, winning the cash flow business, cash flow notes, cash flows of firms, free cash flow,

Article Source : http://en.digitalpapir.com/Get-The-Money-you-need-for-a-successful-cash-flow_97014/

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