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Maximize Earnings

Generating optimum cash flow is critical to achieving peak performance. Consider these steps to improve cash flow for your business.

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Evaluate your internal processes. Take time to focus on those daily routines that you might be taking for granted. While the savings may be incremental, making every dollar count is a habit of successful companies.

Get your money in the door quickly. This is an important step to effective cash management.

Establish a consistent method to quickly process payments. Take advantage of straight-through processing options that allow you to deposit checks right from your office into an interest-bearing account. A lockbox could also increase your efficiency while maximizing cash flow.

Make effective use of cash on hand. Another component of optimum cash flow is effectively using cash on hand. When your funds sit idly in a non-interest-bearing account, you're falling short of peak performance. Consider a sweep account that literally sweeps your excess funds in and out of an account that earns more.

Maintain good oversight of your expenditures to make every dollar count. Depending on the size of your company and the type of business you conduct, you could have multiple employees who have purchasing authority. Some companies mingle personal credit card use with business expenses, complicating the entire expense management process. Others forfeit money by using suppliers who offer less than ideal pricing.

Consider a business credit or purchasing card to gain better control of your expenses. You can pre-determine appropriate purchasing limits for each employee, and even designate approved suppliers. One monthly statement provides an expense breakdown by card holder, simplifying the tracking process.

Convenient online access equips you with a variety of useful reporting functions. The incremental savings you initiate today is a wise investment in your company's future. Begin now by identifying the opportunities that exist as a part of your daily business routines.

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