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Wednesday, August 23, 2006

Terms of Sale - Mind Your Own Cashflow

Terms of sale are essential as they keep your cashflow in the black. While you are starting your company, you simply can’t afford to finance other people’s businesses. Here’s how to stay in control.

  • Don’t be too quick to give new clients credit.
  • Always insist on written agreements as part of your terms of sale.
  • Always get a deposit check on all major projects. Require at least 25% and 50% if you can get it.
  • Bill weekly.
  • Always enforce your credit policies. When you have an overdue invoice, send past due notice or make a phone call to make sure the invoice gets paid.
  • Make sure you have funds set-aside for the inevitable dry spell.

Find out more great tips when you read the whole article (link above).

Added by Joshua Feinberg