Set your credit terms carefully

Focus on reducing the time between making a sale and putting money in the bank.  You can track this and aim to reduce it by a couple of days.  You can also negotiate shorter terms of trade with key customers or offer discounts for fast payment.  If you are paid by credit card or electronic funds transfer you will receive the money faster than waiting for cheques to clear.  If you recurring payments to be collected create a direct debit so they are automatically debited and the money transferred into your bank account

 Follow the 31 day Cash Flow Challenge here and on Facebook

Related posts:

1. The difference between DIRECT CREDIT and DIRECT DEBIT
2. 31 Day Cash Flow Challenge Day #5 – Carefully budget payments for essential expenses
3. 31 Day Cash Flow Challenge Day #3 – Reconcile your membership income on a weekly basis