Auditing your Top Supplier arrangements allows you to better control your cash.
Pay suppliers less often in exchange for a long term commitment.
I mentor your people to make sure they check invoices correctly and ensure the right charges are applied. Too often staff just process invoices without checking what it is being charged, exposing your business to excess payments.
Business owners are so busy running their business that they lose sight of the purpose of expenses. I love being curious and asking businesses why are they spending money in this area ? Often times the response is "we always have but let's take another look at it". It's amazing the cash you can save by asking why ?
Revenue is the vanity metric but it doesn't mean your business is profitable. That's where Gross Margin comes in - this is the profit you made on the sale after deducting costs to make it. Knowing your margins across your different product segments gives great insight into what is profitable and what is not.
Focusing on your profitable products increases your Cash.
Your employees will have your back and do everything in their power to make your business succeed if they feel they are trusted.
This is not always easy but a business owner is part military captain and part Greek mother !
Surround yourself with the right people and the sky is literally the limit.
Build an effective employee performance plan – set up Key Performance Indicators is just one of the ways to build trust.
Getting your money is as simple as a good receivables system.
Ask for a deposit on larger orders so you aren't spending your own money.
When an invoice falls due make sure you remind customers of when it is due.
Most businesses need a little nudge to pay on time !