Living paycheck to paycheck is frustrating. Barely making ends meet is stressful. There are some strategic steps that you can take to make this financial challenge turn around. Here are some ideas that can change those results into a positive cash flow.
Customers do not pay for what they have not yet been billed. Although many owners believe they have efficient billing procedures our experience is that delayed ordina billing is a primary cause of poor cash flow. You cannot bill soon enough!
B. Are critical to be paid (such as rent). Contact these people and use your negotiating skills to get them to give you concessions. In a cash flow crisis you tend to think that some things (like lease payments) are non-negotiable. Don’t think that way. Everything can be re-negotiated.
Many people, who join professional or social networks for the first time, make a lot of mistakes along the way (just as I did). But don’t despair, this is perfectly normal; and there is hope for you. What can help you to cultivate your networking skills? Making a self-evaluation, to see what kind of networker you are, then look for ways to make continuous improvement.
Talking to your banker before you need money will provide you a better working relationship and better rates. If you need assistance in developing a cash flow budget or if you would like us to introduce you to a banker who understands cash flow, call us today.
Cash Flow Tip No 7 – Ask for progress payments for longer projects so that you’re not waiting to the end of the job before you can issue the invoice. This has the added advantage of providing some security of payment as well as increasing cash flow.
Contingency plans. You should keep three plans at hand. (1) The requirements when business is going according to plans (2) when business is slightly lagging (3) when business is hit hard (such as during these economic times).
At the end of the day, if the lead pastor goes for an indefinite period of time with only the criticisms or “atta-boys” that come from board, laity or staff, little improvement or forward progress in their own development as leader can be expected. I strongly recommend lead pastors pick up one of these two instruments and begin the journey of improving as the leader of the greatest enterprise on planet earth-the local church!