[WRE ADVISOR | BUSINESS]


7. EXTEND YOUR PAYABLES When negotiating with suppliers and creditors, try to extend the payment terms. Paying a higher price–but getting to pay it later—could be better than paying a lower price. And if a bill is due in 30 days, don’t pay it in 10 days.


Prolong payments as long as possible. Don’t incur late fees or interest charges, though.


8. CONTROL YOUR SPENDING AND STICK TO A BUDGET Enough said.


9. LIQUIDATE UNNECESSARY INVENTORY A lot of your cash could be tied up in inventory. See what you can sell to free up cash.


10. SPEED UP YOUR PROJECT COMPLETION TIME Te longer you take to complete a project, the more cash you’ll have tied up in the project and the longer it will take you to get paid.


11. KEEP RESERVES When you have a surplus of cash, do your best to save it for a rainy day.


CONCLUSION Like everything I teach business owners, mastering cash flow is about putting in the hard work up front. By mastering cash flow, you’ll not only have more cash to work with but you’ll also incur fewer costs too. It’ll also eliminate a lot of stress, as you’ll know exactly how much cash you have and how you’re going to pay all of your bills. y


KP Persaud formerly worked as a CEO in the lifting and rigging industry. Now with ActionCOACH business coaching, KP serves as a trusted advisor to businesses across the U.S. and around the world who want to improve their bottom line. To book a free strategy session with KP, email him at kp@kppersaud.com or call (319)721-3175. Learn more at kppersaud.com.


WIRE ROPE EXCHANGE


NOVEMBER–DECEMBER 2017


77


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