Improve Your Cashflow by Incentivizing Customers

Jake Claver

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00:00So one of the things I do when I work with a business owner is to help them improve their

00:03cash flow. And the way we do this, well there's a lot of ways, obviously profitability and sales,

00:07but aside from that, just collecting cash faster and having to pay your bills later is a fantastic

00:13way to bolster your cash inside your business. So how do you do that? You can incentivize some

00:18of your customers to pay faster with a 2 in 10. So what is that? That means that you're going to

00:22give them a 2% discount if they pay within the first 10 days that the bills do. Normally,

00:26a lot of the businesses I deal with, you've got 30, 60, 90 day terms. So you want to incentivize

00:31your customers to pay you faster on those credit terms. And you also want to ask to extend your

00:36credit terms with your card vendors. So if you've been doing business with them for more than six

00:40months, every six months you want to reach out to them and ask to see if you can extend your terms

00:44with them.

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