Summary: Money is a big deal, and cash is king when it comes to business. However, some businesses face a cash flow issue, but do not think about it until it is too late.<br> Typical pitfalls regarding cash flow include businesses thinking it’s only their problem – no one else’s – but everyone suffers from such an issue. Also, a cash flow issue is created by the business owners because they do not have a proper plan and approach to managing cash flow. Managing cash flow needs to be higher on the business owner’s priority list.<br> Some business owners do not like to manage cash flow or just don’t know how to manage it. But it’s not rocket science. They can either acquire the skills through Internet resources or hire someone to handle it.<br> The following are basic cash flow tasks:<br> <br> * If you need money for your business, go to your customers. Get on the phone, call them, and ask them to pay you. It may make you uncomfortable, but it needs to be done. It is not a sign of weakness. Know your rights! Your businesses provided a service or product, so the customer needs to pay you for it. Build respectful relationships with your customers.<br> * If you get an order that does not mean you just go ahead and fill it. Check the customer out to determine their credit and how to process the billing (cash on delivery or ship on open terms). Do not leave yourself open to being taken advantage of by the customer.<br> * If you need to, unlock capital to fuel the next round of your company’s growth.<br> <br> Entrepreneurs need to be creative when determining what resources are available to help them manage cash flow. Start by surfing the Web!<br> About David:<br> David is the president of Interface Financial Group, one of the world’s leading invoice financers.<br> Challenged Issue:<br> In this podcast, we challenge the issue of how businesses can manage their cash flow and free up capital in order to grow.<br> David’s Actionable Tips:<br> <br> * Managing cash flow: Understand what cash flow is and have a plan to deal with it. Use the Internet to find business plans, cash flow management plans, and other resources that are pertinent to your business.<br> * Be proactive with your cash flow. Pick up the phone, and do what you have to do. Don’t run a sloppy business!<br> * Think about alternatives, and think outside the box. You need to think about how to handle your business in order to grow. <br> <br> Top Quotes:<br> <br> * “Cash flow seems to be the leftover.”<br> * “The cash flow will not take care of its self. Nothing, in this day and age, could really be farther from the truth.”<br> * “The customer is really sitting on your money.”<br> * “You are not going out there asking for charity. You are asking for what is due to you.”<br> * “..we might be naïve enough to think that we can trust absolutely everyone with whom we do business.”<br> * “We live in the age of outsourcing.”<br> * “It should not be seen as an expense. It should be seen as an investment.”<br> * “Cash flow issues do not always translate into delinquent accounts, bad accounts, and overdue accounts. It often translates into growth.”<br> * “There are plenty of ways out there to unlock that capital, which in turn keeps the wheel moving.”<br> <br> Guest Links:<br> <br> * Interface Financial Group (<a href="http://www.interfacefinancial.com/">http://www.interfacefinancial.com/</a>)<br> <br> Resources:<br> <br> * The Essential 14–Day Guide to Cutting Your Working Hours and Increasing Your Impact (<a href="http://www.excellence-expected.com/cwh/">http://www.excellence-expected.com/cwh/</a>)<br> <br> Key Timestamps:<br> <br> * 00:27 Introduction of podcast topic<br> * 00:54 Challenged issue<br> * 01:05 Introduction of guest<br> * 03:12 Pitfalls and problems<br> * 06:17 Insecurities and misunderstandings<br> * 08:24 Credit control<br> * 10:45 Basic management skills<br> * 11:54 Get help!
