Cash Flow Financing Activities Common Stock Additional Paid In Capital The Seven Laws of Business

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The Seven Laws of Business

1. The larger the company, the longer the payment terms

Many companies follow the herd and set their payment terms to 30 days. To be fair, there are two rules regarding payment terms; first, they must be acceptable to your prospect or customer; and two, it shouldn’t cripple your cash flow. The greater your purchasing power, the more leverage you must require for longer payment terms. So what exactly does the 30 day payment terms mean? In real terms, this means you fund your customer’s cash flow for 30 days. As a business, the shorter your payment terms, the better your cash flow. To increase the efficiency of your business, consider offering a discount for prompt payment or a late payment penalty. Or set your payment terms to 14 days and you’ll usually get paid within 30 days.

2. Insanity: Repeatedly doing the same thing and expecting different results

How many times do you give up something and expect different results? In reality, if you keep banging your head against the wall, you’ll only end up with a headache. I thought of a few possible exceptions to this role. Submit your marketing strategy six months before abandoning it, and remember that 80% of all sales are made on the 5th follow-up step.

3. “A bank is a place where they will lend you money if you can prove you don’t need it.” Bob Hope

If you don’t keep a tight grip on your cash flow and expenses, you may find yourself in financial trouble. Banks usually do not lend money to people or businesses that do not carefully manage their capital and cash flow. As my accountant will tell you, tight financial control is critical to good business performance.

4. It is not difficult to cover expenses, they are everywhere.

When you start a business, expenses, bills and invoices become a fact of life. When budgeting, always leave some funds in reserve because the unexpected happens and you need to be prepared for it.

5. Scouting is the act of walking the streets to see if they are blind.

Sorry to be the party, but not everything will work the first time. It’s much better to know that an idea won’t work before you spend a lot of time and money discovering that it doesn’t.

6. The more time you spend reporting what you’re doing, the less time you have to do anything.

Don’t get me wrong, reporting, evaluating and reviewing is essential to good business performance. However, I see time and time again that many companies spend far too long planning, as well as producing countless pointless reports that no one reads, when they should actually be focusing on making things happen.

7. Bills travel through the mail twice as fast as checks.

Why do bills always seem to arrive right away, but checks can take a while to show up. Asking your customers to pay you via BACS rather than a check saves you a trip to the bank and improves your personal cash flow. If you put your bank details into your accounts, people will be prompted to pay you via BACS.

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