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You already know that a healthy cash-flow is the back-bone of your business and without a positive cash-flow, your business could just crumble. In spite of knowing this, most entrepreneurs can’t seem to handle the cash-flow puzzle – it just seems to go way out of hand for many small business owners. How then should you ensure that you have a positive cash-flow?
Use a subscription-type payment scheme: One good thing about the magazine business is that it follows a subscription-type payment model which enables upfront payment from the customers. This ensures that the money comes in first and allows for a very strong cash-flow situation. Is there a possibility of using such a payment model for your business? Don’t you think your cash-flow situation will considerably improve with the implementation of the same?
Be a good paymaster: If you believe in ‘karma’, you would agree with me if I told you that what you give, you get back. One of the best ways to improve your chances of getting paid quicker and regularly is to be a good paymaster. Once you start working on your accounts payables, things will start moving faster and cash-flow for your business will be considerably quicker.
How do you manage easy and quick cash-flow for your company? Do you have any other tips for better cashflow?
