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PostWysłany: Pon Gru 30, 2019 04:19 Odpowiedz z cytatemPowrót do góry

Recognising The Signs That Your Small Business Is Heading For Trouble Business Articles | December 11 Cheap Air Max 180 , 2006

Has your business started to take a turn for the worse recently? Are your cash flow worries keeping you awake at night? Spotting the symptoms early is crucial because there are remedies.



The following ten questions will help you to determine if your business is the lean mean fighting machine you believed, or a bed-ridden sick note, coughing and spluttering its way on a wobbly pair of last legs.


1. Increase in staff turnover


If you've watched a number of your key employees walk away from the business recently you should sit up and take notice. Staff is arguably a company's most valuable asset and if your people are leaving, it's often the first sign that something is going wrong.


The problem is not just the associated cost of recruitment Cheap Air Max 120 , but also training new starters and the additional burden on remaining staff while the new team members get up to speed, that add further strain on the business.


Remedy


One of the best ways to keep track of staff morale is to hold regular reviews where employees can air their views on both the business and their specific concerns without fear of recrimination.


2. You lose a key account


It's believed that winning a new customer is seven times more expensive than keeping an existing customer happy. Small businesses are often too reliant on a couple of main customers, as demonstrated in the recent collapse of MG Rover and Courts.


There are a number of reasons key accounts could defect: Your product or service is not of the standard promised or expected, or you could be beaten on price Cheap Air Max 1 , quality or service.


Losing a key account can have a serious impact on your cash flow. Credit companies such as Experian offer a credit scoring service which can be invaluable when setting credit terms for key accounts. This is important: You wouldn't lend a stranger £20,000, so why offer new customers this kind of credit facility without checking their financial strength? In order to manage this risk further, there is a wide range of bad debt protection policies available which pay out in the event of your customer going under.


Remedy


Take a long Cheap Air VaporMax , hard look in the mirror and discover the underlying reasons for your clients' lost faith. This way, you'll have a much better chance of either winning the client back, or at least making sure you don?t lose others going forward.If your customers' satisfaction isn't a priority for you already, it should be now! Paper trails for every transaction can be an extremely effective way to guard against disputes and to keep an eye on quality control. Obtain written purchase orders to back up your invoices and always get a signoff from the customer to say goods have been received or a service completed satisfactorily.


3. Orders are rising fast


This is not something that would be immediately cited as a sign of problems. However Cheap Air Max2 Light , when your business is growing quickly you need to be even more careful about your cash flow.


We've all heard the phrase "cash is king" and this is never more true than when you're struggling to keep up with increasing demand for your products or services.While most resources will be occupied meeting that demand, it is worth remembering the income from these orders may take three to six months to come in. That means you?ve got to be able to cover your costs for at least that period to keep the business afloat.


Remedy


Two of the most effective ways to manage your long term cash flow are to use factoring or invoice discounting services and to lease your manufacturing or office equipment.Factoring and invoice discounting raises up to 90% of your invoice value 'up front', enabling you to invest back in the business. You get the remaining monies when your customer pays the debt, less a fee.


4. Waiting longer for payments


If your customers are taking longer to pay your invoices but you?re still working to fulfil a growing order book Cheap Air Max TN , you're going to start having problems. And it may happen sooner than you think.


A customer who puts in repeat orders is important for your business success. However, if they take too long to pay, you have to ask if it is worth accepting their next order until some agreement has been made about payment.


Remedy


Too few small businesses employ a designated credit controller to collect invoice payments and chase up late payers. If you're starting to notice customers taking too long to pay, it?s worth sitting down with them and discussing the reasons.Business is built around mutually beneficial relationships and the better you Cheap Air Max Plus , your suppliers and your customers understand each other, the more flexible the relationship will be.


Be understanding when you're asking for payments but remember that you have rights, including being able to charge interest on overdue invoices. Make sure that all credit terms are stated on each invoice, along with the due date for payment. If you don?t Cheap Air Max 98 , your customer can quite rightly say they didn?t know when they had to pay.


Remedy


Factoring companies can also collect your outstanding debts. They'll effectively buy your outstanding invoices, release up to 80% of the value and take their fee from the remainder when payment is collected. If you do not need an external credit control facility but would still like the funding it can generate, an alternative product is available called invoice discounting.


5. Unrealistic assets on your balance sheet


Many businesses have valuable assets on their balance sheet, including machinery or equipment owned outright. All assets depreciate over time ? how long has it been since your business assets were valued?Out of When you are into coll. Cheap Jerseys Wholesale Cheap Jerseys Online Cheap NBA Jerseys Cheap Authentic Jerseys Cheap Soccer Jerseys China Cheap NHL Jerseys From China Cheap Jerseys China Wholesale Cheap Mens NFL Jerseys Cheap NCAA Jerseys Online Cheap NBA Jerseys
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