3 Ways to Manage Your Company’s Revenue Stream
Better money management can help you grow your business.
In order to grow your business, you need more money coming in then going out. Simple, right? Not if you’re not regularly managing your cash flow. Here are three tips on how to do that, from Entrepreneur.
Have different revenue streams, so if one outlet slows down, you have money coming in from elsewhere.
Keep taps on the money in terms of where it’s coming from and how much is flowing in and out. It’s wise to create forecast reports to track what will soon be paid and received, along with projected spending. In addition to logging this information into a system, keep the money in regular discussion with proper executives so budgets and income remain clear.
Negotiate payments with clients so you’re not waiting around for for their full checks once projects are completed. You can bill them for a portion of project costs upfront or have them send you installments while the projects are active in order to reduce risk.
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