Get What's Coming To You
Source: Bank of America
The key to maximizing the success of any business, big or small, is to maximize the amount of cash coming in, while minimizing the amount going out. That means making sure you are collecting as much revenue from customers as you can, while saving every penny possible on purchases made from suppliers. For a big business, this maximize/minimize strategy can boost profits, for a small business it can mean the difference between success and bankruptcy. The best way to encourage prompt payment from the customers is to make payment as convenient as possible. That means offering them a variety of ways to pay. "Every customer is different," says Dave Bowman of TTG Consulting, a Los Angeles based consulting firm.