Speed Up Cash Flow In these tight times, doing something to expedite cash flow can make a big difference in a company’s finances. And the department that can influence the flow of funds with the least effort and with almost no investment is credit and collections. Unfortunately, most businesses fail to give that department enough serious management attention. Here are steps a CFO can take to improve credit and collections’ functioning, guaranteeing a significant boost in cash flow.
Advice to collection callers:
Pick the Brains of Suppliers You’re probably shaking your head in disbelief. Well, consider this: They’re also selling, and collecting intelligence, from all or most of your competitors—who happen to be their customers. What a collection of industry insights! So how do you tap into it? Begin by asking. Invite suggestions for new products, design improvements and production innovations. The key to success in mining this intelligence is making the suppliers feel you value their information. They may not even know what’s useful to you, which means you’ll have to invest time in convincing the suppliers you value their knowledge of the marketplace and are ready to listen.
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Better decision-making with data analytics
Data analytics has become a hot topic, but many organizations have not yet managed to understand its potential, let alone put it to work. This report will take a deep-dive on how to best introduce or enhance the use of data in decision-making.
From The Tax Adviser