Building A Stellar Business - A Structured Guide to Financial Success by Michele Johnson & Lorraine Kennedy

Author:Michele Johnson & Lorraine Kennedy [Johnson, Michele]
Language: eng
Format: epub
ISBN: 9781784522421
Publisher: Panoma Press
Published: 2016-02-15T22:00:00+00:00

OTHER PAYABLES

Other monthly expenses such as credit cards, utilities, office expenses, rent, car payments, business loan repayments, etc., need to be reviewed and paid on a timely basis and utilizing a solid cash flow forecast is a good way to do that. It can be as simple as laying out each month by date when all of your bills are due vs. your cash flow. This way you can see forecasted trends of which weeks are going to be tighter than others and you can plan accordingly. It is important to review all of your bills on a regular basis. There is usually some room for reduction in electricity rates, cell phone contracts, etc., so keep a close eye to make sure you are not paying too much.

Some special words about company credit cards, they are another place to negotiate. Seek lower interest rates on the card or cards you currently use or only take the cards that offer you competitive rates. Seek miles or cash back or other rewards for using your card. And seek the proper credit limit for your business. With so many credit card options to choose from these days, you can find the right credit card to handle how you run your business. One word of warning though, credit card rates, even when negotiated down, are still higher than just about any other cost of debt. If you have to run a balance on your credit card from one month to the next, you should make sure you have exhausted all other avenues of borrowing.

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