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Even the most successful business can suffer if there are cash flow issues. You’ve made a capital investment, you’ve produced your product or delivered your service, but have you gotten paid? Do you know when you’ll get paid? Will it be in time to pay your own costs?
With these simple tips, you can get better control of your cash flow, facilitating your business processes and helping ensure your success!
1. Insist on deposits or payment up front
There is no shame in asking for full payment or a deposit before you deliver. Not only will it help your liquidity, but it may help solidify your relationship with that customer, especially if you deliver on time or early!
2. Offer diverse payment options