How can an entrepreneur manage cash flow? What financial concerns should a business person focus on?
As an entrepreneur you don’t want to lose out on sales and the opportunities that come by. Some industries operate on credit while others are strictly cash and carry. However, when you do give out credit, there are a couple of things you can do:
* Set clear ground rules for your creditors.
* Set limits per customer, so your overall exposure does not exceed what will break you.
* You need to determine if they are credit worthy?
* Don’t wait for deadline before you follow up. Give them a two week break and then follow up
* Use discounts to discourage your customers from asking for credit.
* You can offer incentives to enable them pay by giving them more credit when they payback early.
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