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Old 07-15-2017, 02:14 PM
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Are Payment Delays Impacting Your Business Cash Flow?

Do you have a business cash flow problem? One of the things that can cause a cash flow problem is that your customers are slow payers.

Quote:
...Freelancers and online business owners arenít the only entrepreneurs who find themselves faced with payment delays and problems with working capital.

According to a survey from Dun & Bradstreet and Pepperdine Graziadio School of Business and Management, 66% of small and medium businesses are dealing with working capital issues. One of the issues impacting business cash flow for many small and medium businesses is payment delays....
Are Payment Delays Impacting Your Business Cash Flow?

There are some ways noted in the article how to get through the cash flow crunch while waiting for your payments although keeping on top of your accounts receivable (the money owed to you) would be the least costly.

What methods do you as a business owner use to minimize or avoid a business cash flow problem for your business?
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Old 07-16-2017, 09:10 PM
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I insist on taking advance payments from clients. I feel everyone needs to do this unless you're a big company with a collections department.
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Old 07-17-2017, 09:09 AM
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Originally Posted by HTMLBasicTutor View Post
What methods do you as a business owner use to minimize or avoid a business cash flow problem for your business?
I am in photography business in India. Mainly wedding photography. Generally the payment cycle in in this business is too long. My quote contains fees to my onsite team, editor,album designing,albums. Now No matter when I get the payment, I need to pay these people on time. So, it is necessary to have good cashinflaw. Generally we follow following strategy.
1) 25% payment advance as a booking amout.
2) 50% payment while delivering soft copy.
3) 25% on Album and dvd delivery.
 
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Old 07-18-2017, 02:31 AM
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Make sure you also set aside an allowance for delayed payment or bad debts. Putting an interest on delayed payments would also help discourage those who don't pay on time.
 
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Old 08-11-2017, 06:19 AM
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Every client is not ready to pay in advance, but we can ask them to pay some amount in advance. As well as we need to set up an extra saving account for emergency. We can also use of business credit cards.
 
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Old 08-28-2017, 12:32 AM
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unless you're a giant company who is earning a considerably higher income than cost, delayed payments can be a big lump. Setting aside an allowance in cases of delayed payments is a necessity.
 
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