Hurdles In The Business
Strategies to help maintain cash flow
Since providing invoice will lead to payments in the future, you can make receiving payments faster by sending the invoice faster. Since typically after 30 days the payments are made, make sure to send the invoice in less than fifteen days which will leave you with another 15 days to notify your customer about the bill if they are late in making the payments. In this way, you will be able to get payments before the following month’s bills that you need to pay. Along with this, however, many businesses are demanding that the payments should be made immediately after the project is completed. In this world where everything is digitalized, it will not be a big deal to ask for payments immediately as customers can make payments for the invoices from their cell phones.
Another way to manage cash flow is by working the same strategy on the other side of your business that is by requesting your vendors to send you their invoices on 45, or 60 or 90 days. In this way, you will have enough time to receive payments from your customers and pay your bills. In this way, you will be able to establish a better relationship with both the customers as well as the vendors and upon explaining the strategy they also will find it convenient to work with you.
Hiring people to work is a challenge
It is not the people who are looking to work fear the interviews, but it is the entrepreneurs. When you are hiring people to work for you, this task takes many days and a lot of your time as well. The process of evaluating the resumes, conducting the interviews, screening through a lot of candidates who do not qualify for the job in order to find that one proper candidate all take a lot of time and energy. Upon finding that one gem, making an offer of a package that will be attractive so that they will get on board so that they will stay on board for a long period of time.
What you can do to reduce the time consumption and energy is be clear about your requirements like, the qualification required for the job, what will be their duties, number of hours they should work and days and finally what is the wages they will be getting for that particular work and other types of benefits.