Managing resources to work better, not harder
Greetings! I’m Jill Christiansen, manager of writing services at www.sterlingcreations.ca.
Ever wondered how you could get your financial resources to work better instead of harder? Are you tired of trying and just failing? Not sure what to do next? Well, do I have an article for you to read. This could be the beginning for you.
Please give it a read.
I’m Jill Christiansen your writing services manager wishing you a great day.
Managing Financial Resources To Work Better, Not Harder
As bleak reports of economic “doom and gloom” keep coming, the
Atticus recession series of special E-Lerts will provide you
with hands-on ideas on how to survive, and even thrive during
a recession, no matter how deep it might become.
This E-Lert features ways to improve managing financial
resources.
How do you know you need help managing the finances?
– Management is always reacting to a cash crisis.
– There is concern about having enough cash to meet the payroll.
– The same problems keep recurring despite repeated attempts to
fix them.
– There is never enough cash to carry the right level of
inventory.
– Customers are not paying on time.
– The bank is concerned because the business is at the top of
its operating line.
What strategy will allow the business to survive and prosper?
– Discount pricing of older, slow-moving stock to convert it to
cash.
– Send invoices immediately upon shipment if the business sells
on terms.
– Ensure that you have an effective credit approval system; a
customer’s financial condition can change quickly in an economic
downturn.
– Have a system for prompt follow-up with late-paying customers
and apply it consistently so that your invoice is at the top of
the payment pile.
– Sell any fixtures or equipment that you don’t need to use.
– Investigate alternative financing arrangements. Despite the
credit crunch, financing is available if you know where to look.
– Cash is the life blood of a business so manage it every single
day. Use it wisely.
Example
A client insisted they needed to increase their line of credit.
On assessing their situation we discovered they batch-prepared
customer invoices, delaying sending many of them out for weeks.
Switching to a system of preparing and sending invoices when
goods were shipped eliminated the need for increased financing.
What does a well-run operation look like?
– Cash is monitored every day.
– Collection procedures are followed consistently.
– No assets are collecting dust.
– Eliminating people or advertising and marketing is rarely the
answer.
– Maximizes the use if internal and external resources to
implement action.
——————————————————————————–
This E-Lert was developed by Atticus Principal Bruce Johnstone
who helps clients focus on effective management of financial
resources. Reach Atticus by phone at 416.644.8795.
Atticus Interim Management,
1 First Canadian Place, Suite 3700, Toronto, ON, M5X 1C9
Copyright © 2008 Atticus Interim Management. All rights reserved.
If you would like to learn more about us and the services we offer, then please visit
www.sterlingcreations.caIf you would like to keep abreast of some of the most important happenings affecting your lives today, then please visit
http://www.sterlingcreations.com/businessdesk.htm. There you will get the latest news roundups on such topics as:
Stress, anxiety, and depression. News for retirees, seniors, and aging baby boomers. Security tips for home computer users. Home business opportunities, Internet business opportunities, small business opportunities, business opportunities in Asia. You will also learn how to obtain tremendous personal and financial satisfaction by selling your knowledge and experience.
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About Donna Jodhan
Donna Jodhan is an award winning blind author, advocate, sight loss coach, blogger, podcast commentator, and accessibility specialist.
