Thrive In Uncertain Times
Habits During Unpredictable Times
~ April 2020 ~
Welcome to the Merager Financial Solutions LLC newsletter. We're so happy you are here! Each newsletter provides a wealth of knowledge and inspires business growth.
Watch your spending!
A thoughtful cash management strategy is critical as your company becomes more complex and profitable. Keeping a close eye on your company’s short- and long-term opportunities often separates an industry’s successes and failures.
TIPS:
1. Plan for regular operational payments.
2. Research for available tax breaks.
3. Take advantage of discounts, special purchases, and business opportunities.
4. Create a plan to secure outside financing at the best terms.
A thoughtful cash management strategy is critical as your company becomes more complex
Document, document, document.
Important documents should be immediately discoverable with little knowledge of any “system.” To create a system that keeps your company safe.
TIPS:
1. Have the supporting documentation for each disbursement (purchase order, disbursement approvals, receipts, signing authority, etc.).
2. Have supporting documentation for every contract that has been signed.
3. Have a filing system that is scalable, easily understood, and consistent.
4. Use an electronic filing system that either automatically or periodically backs up your data to an independent and off-site storage location.
5. For transparency, provide access to all necessary leadership.
6. Scan paper documents into your electronic system.
Collect your earnings!
Many companies have a culture of seeing “work done” as the point that the invoice leaves the shop, but the only meaningful indicator is when the invoice is paid.
TIPS:
1. Monitor your accounts receivable reports.
2. Follow up anything that is not paid within 30 days by emailing a copy of the unpaid bill
3. Once a bill has aged 45-60 days, email the bill again and call the client to offer any assistance.
4. If a bill has aged more than ninety days without any outreach, a specific strategy needs to be implemented that removes all objections and creates a simple resolution for the client.
Cut costs!
Before resorting to downsizing, find ways to cut unnecessary costs.
TIPS:
1. Update pricing.
2. Search for government aid.
3. Furlough rather than layoff.
If you need assistance with anything we’ve discussed here, let’s talk so you can reach your financial goals, growth, and revenue. Spend your time doing what you do best and make more money by having us solve your most pressing financial issues.
