Cash is king-so they say. If you work for yourself or someone else, you need to be aware of ways to improve the cash flow. Budgeting and collecting are not glamorous but they are both key to having a successful business. Working in a successful business is much more fun than working for a struggling one!
1. Stick to your budget. (If you don't have one, make one now.) The budget is part of a business plan. You want to know exactly how much to spend on each large item you purchase and when you will have the cash to do it. Your cash flow projection coupled with your forecast will give you the proper timing for making purchases. The items you have budgeted for should also be part of the business plan.
2. Bill your clients regularly. Many business owners are so busy selling to new clients that they forget to invoice the clients they have already worked with. Put the task of billing your clients on your calendar and then stick to that schedule.
3. Get a retainer for your services before you begin the work. If you are going to be working with a client over a period of time, you will want to request some money up front before you begin to deliver the service.
4. Give a discount for early payment. You will be able to collect the money more quickly if you offer a discount for prompt payment.
5. Accept a credit card for payment. Although you have to pay the credit card company for this service, having the convenience of a credit card allows the client to pay immediately. Collection is now the problem of the credit card company.
6. Use your own credit card to finance purchases but do it cautiously. If the interest rate is low and you can pay the credit card company back relatively quickly, credit cards are often a good way to even out your cash flow.
7. Establish a line of credit with a bank. This is relatively easy to do so long as you have good credit and it gives you a cushion of cash when things are tight. Sometimes the bank will offer a really good rate to encourage you to become their customer for other banking services.
8. Put the cash that you have on hand in an interest bearing account. No reason to have cash sitting in an account that doesn't accrue much interest. As cash grows consider money market accounts, CDs and savings accounts.
9. Pay your outstanding bills judiciously. Notice which vendors are willing to wait for payment and which will charge you interest if you are late. Schedule payment to maximize the cash in your account.
10. Consider getting an expert to watch your cash flow. Have someone (financial advisor, accountant, bookkeeper) available to run financial reports each month so you know exactly where you stand in your business.
Four Democratic women targeted by Trump accuse him of following an ‚Äėagenda of white nationalists‚Äô at a press conference
Four Democratic congresswomen of color targeted by Donald Trump‚Äôs racist attacks have accused the US president of following an ‚Äúagenda of white nationalists‚ÄĚ and asked that Americans ‚Äúdo not take the bait‚ÄĚ of his divisive rhetoric.
In a joint press conference at the Capitol, the congresswomen spoke out after Trump said they should ‚Äúgo back‚ÄĚ to the ‚Äúcrime infested‚ÄĚ countries they came from, prompting condemnation in the US and across the world.
Next PM will be told in ‚Äėno uncertain terms‚Äô that axing backstop amounts to no deal
Boris Johnson and Jeremy Hunt‚Äôs Brexit plan to axe the Irish border backstop from the withdrawal agreement will be rejected outright by the European Union, EU sources have said.
Informed sources say that it is doomed to failure and if the next prime minister goes to Brussels with such a plan, he will be told in ‚Äúno uncertain terms‚ÄĚ that it amounts to a declaration of no deal.
Evelyn Beatriz Hern√°ndez was jailed for murder after she was ruled to have induced abortion
A 21-year-old woman who gave birth to a baby in a toilet in El Salvador has returned to court for a second trial for murder in a case that has drawn international attention because of the country‚Äôs highly restrictive abortion laws.
Evelyn Beatriz Hern√°ndez, who says she was raped and had no idea she was pregnant, had already served 33 months of her 30-year sentence when the supreme court overturned the ruling against her in February and ordered a fresh trial with a new judge.
Platinum cards of former Malaysian prime minister used for spree at jeweller in Italy, say prosecutors
Credit cards belonging to the disgraced former prime minister of Malaysia were used to spend more than $800,000 at a jeweller in Italy in a single day, a court in Kuala Lumpur has heard during his corruption trial.
The spending spree took place at De Grisogono, a Swiss luxury jeweller, in Italy on 8 August 2014 where items worth 3.3m Malaysian Ringgit ($803,000 or ¬£645,000) were purchased on Najib Razak‚Äôs Visa and Mastercard platinum credit cards, the court was told.
Candidate to lead European commission seeks to win over MEPs and seal knife-edge vote
The woman seeking to replace Jean-Claude Juncker as the European commission president has made last-minute pledges on the climate crisis, Brexit, an EU minimum wage and gender quotas for company boards as she faces a knife-edge vote on her candidacy.
In leaked letters to the leaders of two of the EU parliament‚Äôs main political groups, Ursula von der Leyen, who was nominated two weeks ago by the heads of state and government for the top EU post, has sought to win over critical left-leaning MEPs at the risk of alienating some on the right.
Human Rights Watch calls on Croatia to end illegal practice of forcing people back over Bosnian border
After months of official denials, Croatia‚Äôs president has admitted that the country‚Äôs police are involved in the violent pushbacks of migrants and asylum seekers apprehended inside the country.
The best chance for thousands of refugees stuck in Bosnia is to cross its border with Croatia to make it to the European Union. For the past year there has been repeated evidence of police using force against those who have made it across the border and then dumping them back in Bosnia.
Budget airline says it plans to close some bases and will carry fewer passengers
Ryanair has warned delays to deliveries of Boeing‚Äôs 737 Max aircraft will reduce passenger numbers next year and it plans to downsize or close bases at some airports as a result.
Europe‚Äôs biggest budget carrier has ordered 135 of the 737 Max models, which remain grounded after two crashes in Indonesia and Ethiopia killed a total of 346 people. Boeing has yet to convince regulators that software modifications are sufficient to ensure the plane‚Äôs safety.
Daily Stormer publisher incited his readers to contact Tanya Gersh, who received threatening emails, texts and voicemails
The publisher of a neo-Nazi website, who organized a ‚Äútroll storm‚ÄĚ to target a Jewish woman and her family with months of abusive messages, should have to pay more than $14m in damages and remove all posts that encouraged his readers to contact her, a US judge has recommended.
The US magistrate judge called the harassment campaign, launched by the Daily Stormer publisher Andrew Anglin a month before Donald Trump‚Äôs inauguration, ‚Äúegregious and reprehensible‚ÄĚ. Anglin targeted Tanya Gersh, a Jewish real estate agent in Whitefish, Montana, a town where the prominent white nationalist Richard Spencer and his family have sometimes lived.
Thousands of Aleppians are using a Facebook group to share their way of life before the Syrian war
Going to the hammam was once a beloved ritual for Aleppo resident Atef Shikhouni and his friends. Recalling the boisterous, joyful experience, the 55-year-old wrote: ‚ÄúHere is a man shouting, ‚ÄėWhere is the soap?‚Äô while another one is asking for the shampoo and a third wants someone to rub his back. It becomes very noisy. After spending some time in the sauna, it is time for the ‚Äėrubbing man‚Äô. He uses a rough loofah to rub my body mercilessly and I pray it will end without any damage.‚ÄĚ
But that was before the outbreak of war in Syria. ‚ÄúToday, the bath is cold and has no soul,‚ÄĚ the sports teacher wrote in February 2017, shortly after the worst of the fighting in Aleppo had ended. ‚ÄúCruel are our days, exactly like our bath today.‚ÄĚ
Perth really is about as bland a built environment as you could imagine, luckily set on amazing natural beauty. But its planning is still rooted firmly in 1950s style suburbia and auto dependence. Car ownership is one of the highest in Australia, which nationally is one of the highest in the world. Vibrancy is lacking, community occurs despite, not encouraged by, the built environment. Walking is hardly done, and the streets of suburbia are deserted as everyone drives.
Will a $60bn development to house 1.1 million people help to ease the world‚Äôs most unaffordable property market or is it simply ‚Äėpouring money into the sea‚Äô?
‚ÄúReclamation is unavoidable,‚ÄĚ Hong Kong‚Äôs leader, Carrie Lam, told journalists in a Q&A session on land supply last year. ‚ÄúIn the long term, many developing cities have to adopt this choice.‚ÄĚ
Hong Kong suffers from chronic overcrowding and housing shortages ‚Äď a situation made worse by the 150 residence permits a day that have been issued to mainland Chinese citizens since 1997. Additionally, 62% of land is ‚Äúlocked up‚ÄĚ or ‚Äúsemi-locked up‚ÄĚ by law or regulatory constraints due to environmental reasons in terms of land development, according to the thinktank Our Hong Kong Foundation.
More than half of all textiles produced each year include plastic. Now the urgent search is on for a more sustainable way to clothe the world
It was probably the only time a 93-year-old has stolen the show at Glastonbury‚Äôs Pyramid stage. Sir David Attenborough had important things to say when he warmed up for Kylie Minogue last month. After showing scenes from Blue Planet 2, the wildlife series credited with inspiring a sea change in attitudes towards plastics pollution, the broadcaster thanked festival goers and organisers for banning single-use water bottles. ‚ÄúThis great festival has gone plastic-free,‚ÄĚ he said to cheers. ‚ÄúThank you! Thank you!‚ÄĚ
Kylie‚Äôs crowd was right to feel virtuous ‚Äď single-use plastic is an oil-derived menace to marine life ‚Äď but how many paused to look down at the elastic in their waistbands, the polyester in their T-shirts and the nylon in their shoes? Plastic in what we wear may be less visible than it is in bottles or straws, but it is no less toxic. Yet somehow we have woven it so tightly into our throwaway society that we barely notice it, even when it is on our own backs. Now there are moves ‚Äď at the top and bottom of a complex global supply chain ‚Äď to do something about it.
Twenty seven per cent rise to 1,187 deaths puts country on par with US in terms of per capita fatalities
Scotland‚Äôs drug-related death toll has increased by 27% over the past year to reach a record high of 1,187, putting the country on a par in terms of the fatality rate per capita with the United States, where synthetic opioids like fentanyl have devastated drug-using populations.
The death rate is now more than three times that of England and Wales, and has more than doubled since 2008, when there were 574 deaths.
The Resolution Foundation have produced some neat charts showing how wages are growing across the UK economy... but still not fast enough to reach their levels before the financial crisis (once you adjust for inflation).
New @ONS data on wages released this morning (THREAD). The good news is that real pay growth continued to strengthen ‚Äď rising to 1.7 per cent over the past year. This is the fastest growth since October 2015 (when inflation was close to zero). pic.twitter.com/FHxXyM68jT
While real pay growth is still slower in the public sector, it is now growing at almost the same rate as in the private sector (1.6% vs 1.8%). pic.twitter.com/rfYp2yxCs0
Rising real pay growth comes from both strengthening nominal earnings ‚Äď which at 3.6 per cent is growing at the fastest pace since the financial crisis ‚Äď and slightly slower inflation (which dipped to 1.9% last month). pic.twitter.com/SxwXnfgigJ
But the recent good news has not changed the long-term picture of a decade of poor pay growth: real weekly earnings are still ¬£5 below the pre-crisis peak. pic.twitter.com/1UUpKn4uRy
From second-hand train seats to old school cupboards, the artist has transported discarded objects from his west African homeland to create a ‚Äėparliament of ghosts‚Äô
‚ÄėWe‚Äôre haunted all the time by ghosts of the past,‚ÄĚ says Ibrahim Mahama as we sit on dirty old plastic second-class Ghana Railways carriage seats in Manchester‚Äôs Whitworth Art Gallery. Even these seats from an abandoned railway? ‚ÄúEspecially these,‚ÄĚ he says, smiling.
Mahama, a junkyard utopian whose art involves recycling stuff that‚Äôs lost its purpose, bought up rows and rows of these seats. He packed them into shipping containers and sent them on a 5,000-mile trip, from his west African homeland to the Whitworth, along with some school cupboards no longer fit for purpose, exercise books of children now grown up, and the minutes of Ghanaian parliamentary debates now deemed obsolete.
Chief of leading aid agency warns that halfway through current funding year, less than a third of required money has been donated
The head of one of the world‚Äôs leading aid agencies has issued a stark warning over the ‚Äúalarming lack of funding‚ÄĚ for global humanitarian crises.
Jan Egeland, secretary general of the Norwegian Refugee Council, noted that halfway through the current funding year, humanitarian organisations had received less than a third of money ‚Äď 27% ‚Äď needed to provide relief to people affected by crises worldwide.
Ripping off the bandage of food aid and investing in self-sufficiency is the only way to fight malnutrition
Billions are spent on humanitarian aid, yet nearly 60 million children across Africa go to bed hungry.
Efforts to alleviate the constant cycle of droughts, poverty and war have caused new problems. The biggest of these is a crippling dependency on food aid that is undermining much of the continent‚Äôs efforts to feed itself.
India and Bangladesh drive progress but UN study identifies vast inequalities between countries and among poor
The UN‚Äôs key global poverty index has identified that conditions for the world‚Äôs poorest 40% are improving more quickly than for those just above them.
The positive trend has been identified in the latest assessment of world poverty collected by the UN Development Programme, which quantifies relative impoverishment across the globe by multiple factors.
The president seems to regard divisive, nativist rhetoric as his best chance of staying in the White House. Analysts say he may be right
It was foul and repugnant. But was it a vote winner?
Donald Trump‚Äôs bigoted tirade against four congresswoman of colour, telling them to ‚Äúgo back‚ÄĚ to the countries they came from, prompted widespread revulsion ‚Äď the comments ‚Äúdrip with racism,‚ÄĚ said the Senate minority leader, Chuck Schumer ‚Äď and yet will not necessarily damage his chances of reelection.
Trump telling four politicians of color to ‚Äėgo back‚Äô to countries they came from shows more than just his own nativist instincts
In an unfashionable corner of Washington, with African American community activists standing behind him, House speaker Paul Ryan described Donald Trump‚Äôs view that an American-born judge was not qualified to preside over a case because of his Mexican heritage as the ‚Äútextbook definition of a racist comment‚ÄĚ.
The cost of keeping China out of the region is too great. We must build forces that could counter its operations instead
Let‚Äôs be honest: Australians have never had much time for our South Pacific neighbours.
The island nations that lie to our north and north-east, stretching from Papua New Guinea and Solomon Islands to Vanuatu, Fiji and beyond, may be close to us geographically, but we have not found them especially interesting, important or profitable.
Donald Trump has said that his tweets on Sunday were 'not at all' racist after he was questioned by the media as he walked up the podium at his Made in America showcase speech.
On Sunday, the US president used racist language to attack four progressive Democratic congresswomen, telling them to 'go back and help fix the totally broken and crime[-]infested places from which they came'. Trump did not name his targets, but the attack was directed at a group of liberal congresswomen who have had a run-in with the House speaker, Nancy Pelosi, and who are sometimes referred to as 'the Squad': Alexandria Ocasio-Cortez of New York, Ayanna Pressley of Massachusetts, Rashida Tlaib of Michigan and Ilhan Omar of Minnesota
Arriving in Brussels on Monday, the UK‚Äôs foreign secretary said there was still time to save the Iran nuclear deal. European powers are trying to preserve the landmark deal, which the US abandoned unilaterally a year ago. Iran recently announced it would start enriching uranium beyond agreed limits
Officers dressed in riot gear have fought with demonstrators inside a shopping centre in the residential district of Sha Tin, as they tried to disperse tens of thousands of people rallying against an extradition bill that would allow suspects to be sent to mainland China to face trial. Millions have taken to the streets in the past month in some of the largest and most violent protests for decades
Thousands of homes have been left without power after Storm Barry battered parts of Louisiana early on Sunday. The storm flooded highways, forced people to scramble on to rooftops, and dumped heavy rain as it made landfall 160 miles west of New Orleans. Authorities have warned of disastrous flooding across the Gulf Coast
The death toll in Nepal from flash floods and landslides in the past three days rose to 47 on Sunday, with dozens more injured or missing. Incessant monsoon rains have pounded many areas in the mountainous country, submerging large portions of land, inundating homes, and destroying bridges and roads across the country
Members of the public stepped in to direct traffic in central Manhattan on Saturday night after a power outage knocked out traffic lights and other infrastructure in the heart of New York. Thousands of people streamed out of darkened buildings, crowding Broadway pavements next to bumper-to-bumper traffic. The outage came on the anniversary of the 1977 New York City blackout that left most of the city without power
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