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Are you trying to manage your cash flow better? Invoice factoring can help. How to manage cash flow? In difficult economic times, managing your cash flow effectively can not only ensure you weather the economic crisis but come out stronger than your competitors. Here are some cash flow management solutions.
1. Slow down payments.
Consider the business relationship you have with each to ensure a sluggish payment isn’t going to damage their willingness to work with you, offer good terms, or jump to action when you need something.
Cash flow management
2. Put a freeze on non-essential spending.
Your operations may already be lean but take a hard look at each expense you’re covering and anything you plan to purchase.
3. Increase prices.
See if there’s room to boost prices to increase cash flow.
4. Adjust payment terms.
If you’re currently offering Net 60 or Net 90 payment terms, consider dropping it down to Net 30.
5. Reduce inventory.
Ensure the cash flow injection you receive is worth any hit you might take for selling inventory for less than you paid.
6. Explore financing options.
What is invoice factoring? Invoice financing from Viva Capital can help you to get funding fast.
What are the other choices? Contact us today for more on invoice factoring!
Read More: https://vivacf.net/insights/tips-small-business-cash-flow-management-economic-crisis/
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