Companies like Blockbuster and Borders couldn’t match the lower prices or service of online retainers so they filed bankruptcy. Being a successful business owner means you know how you compare to your competition, what makes you different, you know your profit margins by revenue segment and you are on top of your collections. This knowledge of financial metrics is important to a business’ success. Many business owners say, “I don’t have time for that” or “I don’t know how to measure my business.” Companies like Publix Super Markets or Starbucks continually maintain a pulse on their competition and their customers’ interests. Know your competitors and your customers so you stay current with what your customers want from you and what they are seeing elsewhere. We can help business owners determine their metrics and measure them to ensure continued success.
Here are a few tips to increase your cash flow:
-Minimize Accounts Receivable by billing timely, using incentives to get customer payments faster and follow up on collections
-Keep inventory at a manageable level
-Look at your customer base and focus on your most profitable products/services
-Great Customer Service=More Sales
-Require at least 50% payment at time of order and the remaining balance due at delivery
Rayburn Business Strategies
5668 FishHawk Crossing Blvd. #119
Lithia, Florida 33547
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