January 8, 2008 – Boston, Mass – Gary W. Patterson, president & CEO of FiscalDoctor™, advises startups and established companies to think strategically about cash flow before a cash crunch becomes a critical problem that could endanger the growth and survival of a company. Heed these tips and watch your company’s cash flow grow.
- Send out all accounts receivable statements monthly
- Call customers and ask for payment
- Speed up customer invoicing
- Sell slower moving inventory at a discount
- Review inventory levels by days sales and adjust outstanding and future orders
- Sell and/or lease back assets
- Increase the company’s line of credit
- Review intellectual property for royalty opportunities
- Review staffing levels and staff on a green-field basis
- Identify products that are loss leaders
- Raise prices where appropriate
- Find ways to reduce scrap
- Ask employees for suggestions
- Slow vendor payments temporarily
- Postpone purchases
- Do more with less
- Review expenses on a line-by-line basis
- Assign customer write-offs to a collection agency
- Review services you provide free of charge and consider charging for them
- Review why legal and professional bills are so high
- Obtain external help for an assessment
About Gary Patterson
Gary W. Patterson, FiscalDoctor™ (www.FiscalDoctor.com) has been a consultant for more than 200 companies spanning high tech and service industries. His clients include startups, Inc 500, and Fortune 500 companies worldwide. Patterson is a contributing expert to a forthcoming book by Eric J. Leech on making strategic use of Other People’s Money (OPM) to build corporate value. For more information, visit www.FiscalDoctor.com, or call Patterson at 781-237-3617.
© 2007-2008 Gary W. Patterson. All rights reserved.
