When it comes to your company’s cash flow, you may feel you’re at the mercy of your clients. You feel that on your end you’ve done everything possible to keep business booming— you’ve cemented deals, set your terms, and worked tirelessly to produce results. Now all that’s left to do is sit back and await payment; right?
Wrong. Unfortunately honest work is not always enough to keep your business up and running. You may face a decrease in demand, clients may default on payments, and a project you had thought would take a week to complete may drag on for months. Each of these scenarios leaves you with a cash shortage.
Thankfully, there are ways to work within these circumstances to speed things up. These 6 strategies will help you quicken your cash flow without spending a dime:
1. Shorten payment terms (more…)