5 Tricks to Improve Collection of Your Receivables

Most businesses do excellently in producing and delivering products and services to customers. However, most of the time, there is difficulty in collecting payments. If the problem is unresolved, it may accrue to cause a cash flow crunch. You should determine credit worthiness of each customer before agreeing to take payment as receivables.

As a business owner, yours is the prerogative to set and implement reasonable and logical credit policies. Here are five of the best proven techniques that you can use to optimize your cash flow and at the same time enforce your own terms in a more diplomatic yet firm manner.

1. Require deposits if possible.

It is advisable if you would require about 10% to 50% deposit of customers’ final purchase price during order time. This practice is most recommended for large sales orders, custom orders, and produce-to-order manufacturing. This trick can truly be helpful in preventing possible cash flow shortage in the future. At the same time, it can be a good strategy to ensure the commitment of customers to their significant order. Take note that when implementing this strategy, your business should clearly explain to the customers that deposits are in no way refundable. Continue reading

Write a Will While You Can!

The certainty of death is the truest fact of life and yet one that we tend to live trying to ignore. One of the ways we push the inevitability of death to one side is by avoiding any talk of the subject. This is not a modern phenomenon but more and more of us are avoiding writing our wills or death testimonies now because of it. While it may seem premature, there is no better time to write a will than while you’re fit and healthy. Here is all you need to know.

What to Include

Your will must be set out to entail who you want to benefit from your will, who should take up guardian responsibility of any of your children under 18, who is going to carry out your death wishes, who is going to sort out your estate and what happens if the people included in your will die before you. Continue reading

Going a step further beyond the most common payday loan myths

Payday loans have been facing severe criticism from both media and consumers since their entry into the market. You must have become accustomed to a lot of stories that are very commonly heard these days about payday lending. They are well known as the payday loan myths. This article sheds light on the most common payday loan myths as well as tries to explain the benefits that you can get out of them. With the rise in the number of people using payday lending to get by, the number of cases of pay day loan consolidation has also undergone a rise.

Cycle of debt – This phrase has become very well attached with payday loans. The fact of the matter is that there isn’t much truth in it. Most people are known to use payday loans under very rare circumstances. Payday loans are never to be confused with long term loans. It proves to be of great help during emergencies. Payday loans are given out on terms that make it important for you to pay off your loan on your next payday. This proves that there is no way you’ll ever be stuck in a cycle of debt if you pay off your loans on the paydays. Continue reading