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Ask a business expert your business questions. Answers to selected business questions will be featured on a regular basis. To submit a question, see Ask a Question. For information about Rick Riebesell, the business expert, see About Rick Riebesell.
Cash - How to Raise Quickly?
Question: I need to raise some cash. I can't get a loan from the bank, and my credit cards are maxed out. The good news is that my business is making money, but not fast enough to satisfy my need for cash. How can I raise some cash quickly?
Answer: It sounds like you need to use methods to get your present customers to pay you sooner than they ordinarily would.
Owner-Manager of Business - How to Get Control?
Question: I am the only owner and CEO of my own business. I would like to plan, but urgent – not always important – items always come up and take all my time. I feel as though I am reacting to each crisis as it happens and not really managing the business. How can I get control?
Answer: A successful business will have a purpose, act with effectiveness, and repeat the act with the same effectiveness. Strategy defines and thereby creates the purpose. Execution of the strategy creates the effective result – profit. Replication of this act creates the process that ensures profitability. If you are the owner and CEO of a business that is profitable, these things have happened.
Receivables Overdue - How Do I Collect?
Question: How do I collect overdue account receivables? One of the problems of my business is that there are many of my regular customers who take longer than 30 days to pay. My creditors have trouble giving me 30 days, so I get squeezed.
Answer: A frequently overlooked part of managing cash flow is managing receivables and payables. A part of the essential cash management reporting a business owner receives should be an accurate listing of accounts payable and accounts receivable. These should be aged or there should be an obvious way to view the time elements of each account.
Competency of Managers - How to Judge?
Question: How do I judge the competency of my managers?
Answer: Since it is in the best interest of the business to recognize the incompetent manager before a crisis, the incompetence of the manager must be discerned in the normal course of business. In crisis it is easy to recognize the incompetent manager, but this may be more difficult during the normal course of business.