July 2010
2 posts
1 tag
Knocking into 2 cars
What a way to start the day. My son who just got his driving license knocks into not one, but two cars. Sheesh…
1 tag
Friends?
What do you do when your friend says “NO” to a proposed solution and provides no other alternative?
Frankly, that puts the friendship in a very awkward position.
October 2009
15 posts
Never be afraid to ask for help and don’t wait too long to call in the experts: A reputable debt collector can help you to collect your overdue accounts, leaving you to focus on other areas of your business. Don’t wait till your account is 120 days overdue to ask for help – the sooner you call the experts the sooner you get paid.
Businesses, particularly small and medium sized enterprises,...
Chase overdue accounts immediately
Start the collection process the day after the bill comes due: The longer a debt remains outstanding the less likely it is to ever be paid. If an account was to be paid in 30 days and is not, start chasing the bill on day 31. Cease the extension of credit on overdue accounts: Although it is tough to do, particularly if you deal with big business, you must stop extending credit to customers with...
1 tag
Gradually escalate pressure on your debtors
Issuing a polite reminder as a bill approaches its due date is a smart business practice. Bills can get lost or over-looked; this reminder is a good way to ensure that your bill is front of mind. The pressure you apply should increase as the bill enters overdue territory.
Monitor your accounts receivables on an ongoing...
Having a solid process in place to track accounts receivable is vital. This includes monitoring invoices as they head towards the end of the standard 30 day payment term. Keeping a close eye on each and every credit account ensures that you are in a position to chase outstanding debts very quickly following the arrival of the overdue date.
Issue invoices promptly
You cannot expect your customers to pay promptly if you don’t issue their invoices in a timely manner. Make sure you get your invoices are out the door in a speedy fashion.
Avoid bad debts through preparation
Set clear credit policies at the outset of any credit agreement: Be clear about what you expect from the very beginning. Customers will often have their own credit policies, such as paying after 45 days. If it is your policy to only extend credit for 30 days you need to decide whether you want to play by the customers rules or pass on the business.
Get a signed contract: A credit contract does...
Cash Flow Problems Don't Just Happen
You would be amazed at the number of small businesses that fail because the owner did not see a cash flow problem in time to do something about it. The key is to always be able to answer the question - what do I expect my cash balance to be six months from now?
Grow bigger and till we meet again →
See how the fish swims away at the end of the video. This is also the first time I’ve witness this peculiar swimming style.
Posted in > Video, • Snakehead Fishing Tagged: Catch & Release, Channa…
Do the Work or Get Someone Else
Here is a simple rule to follow to make sure you have an accurate cash balance on your books. You do the work or have someone else do it.
Know the Cash Balance Now
Even the most experienced person will fail if they are making business decisions using inaccurate or incomplete cash balances. This is fundamental cash flow 101.
Manage cash flow with the care and attention it...
It’s very unforgiving if you don’t. Remember, cash is king, because no cash means no business.
Cash Is King
It’s important to recognize that the basics of cash flow 101 are what keeps your business alive.
Never Run Out of Cash
Running out of cash is the definition of failure in business. Make the commitment to do what it takes so it doesn’t happen to you.
Cash flow is the lifeblood of all businesses....
August 2009
1 post
1 tag
