Arnon Dror is one of the most prominent financial executives in the world of international businesses. This MBA graduate has the distinction of discharging the office of Vice-President in many companies. These organizations include Xerox, Creo Americas, Scitex, Kodak, Creo Inc. and Presstek. The officials of these establishments say he is responsible for their concerns into profit-making entities. In fact, they regard as an expert in corporate reconstruction. Many of them go on to clarify he also specializes in other important areas. These include business negotiations, cash flow management, ERP integration, internal controls, international taxation and strategic planning. Hardly any of his contemporaries have been able to achieve this level of success.
Arnon Dror – How can entrepreneurs enhance their business cash flow position?
This financial professional explain entrepreneurs from diverse backgrounds are aware of an important fact. Operating a successful business in the market is never smooth sailing. They got to overcome a number of obstacles to achieve their overall objectives. One of them ensures there enough money in the cash register. Otherwise, they are going to have a tough time conducting their commercial operations in the market. This is obviously the last thing these businessmen want. It can undermine their competitive advantage in this environment. This is why this specialist suggest they should consider the following 3 important tips for enhancing cash flow:
- Overhaul the entire invoicing process
Entrepreneurs should carefully scrutinize their organization’s entire invoicing system. If there is an urgent need, they implement necessary measures to streamline the process.
Moreover, they should raise such bills on their clients after every successful sale. This ensures they receive their outstanding dues from such individuals within a short time. They shouldn’t just rely on sending the hard copies of such paperwork to these customers. Wherever the owners can send scan copies of such document via email to ensure prompt payments. After all, these proprietors need this money to carry on their activities and exploit new opportunities. This is a fact which they can’t afford to overlook.
- Issuing unambiguous payment terms
This is another important aspect which entrepreneurs can’t ignore. Before issuing invoices to their clients, they should ensure the payments terms on documents are unambiguous. There should be no room for interpretations. Their clients need to understand how much they owe these businessmen clearly. Moreover, these individuals should be aware of the time-frame within which they make such payments. Otherwise, they’ll be liable to pay penalties for failing to do so. In the worst-case scenario, they could even end up facing legal action. These customers obviously don’t want to go to court over such trivial issues.
- Keeping an open mind to alternative modes of payment
Entrepreneurs shouldn’t only allow their customers to clear their outstanding dues via cash or checks. These businessmen should be open to alternative modes of payments. These could include internet banking, plastic money, mobile wallet, PayPal, electronic transfer or cryptocurrency. Taking this step to ensure they receive the money these individuals owe them without any hassle.
Arnon Dror says entrepreneurs don’t need experts to explain that cash is the lifeline of their businesses. They know how important it is to maintain a positive cash flow within their concerns. Fortunately, implementing the above 3 important tips can help them to achieve this objective. They won’t regret taking this decision.