Small Biz Flash
Small Biz Flash
9-13-22 – Get Your Money! (Accounts Receivable Best Practices)
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NEWS ROUNDUP
1
Small businesses are likely to feel the brunt of steep Obamacare premium increases next year. Some health insurers are proposing median rate hikes by as much as 20%.
https://dailycaller.com/2022/09/09/obamacare-costs-hit-small-business/
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2
63% of small businesses can’t afford to add staff, and 10% are actually reducing their staff.
Labor costs have increased by 50% or more for 58% of the businesses.
https://www.alignable.com/forum/63-of-smb-employers-put-hiring-on-hold-10-start-layoffs
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3
Inflation isn’t just impacting salaries. According to another survey, this one from PNC, 63% of small business owners expect to raise their prices in the next six months.
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4
Amazon Business recently kicked off Small Business Month, which offers tools to small businesses to help enhance their buying capabilities and scale their businesses.
https://www.eseller365.com/amazon-business-launches-small-business-month/
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FEATURE – Get Your Money! (Accounts Receivable Best Practices)
To have a healthy cash flow, your company must properly manage Accounts Receivable. But a lot of small businesses only do a mediocre job at AR.
Increase the chances of getting paid by customers in a timely manner by crafting a rock-solid credit policy, insisting on accurate and timely record keeping, applying payments to invoices quickly once you receive them, and creating a follow-up routine and sticking to it.
You also need one or two KPIs (key performance indicators) to track AR. These may include Days Sales Outstanding (DSO) and/or Bad Debt to Sales Ratio.
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I would love to hear from you! Please email me at adam@smallbizflash.com.
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Email me at adam@smallbizflash.com.
- Please give me feedback on the podcast.
- Please contact me for a free, comprehensive insurance policy analysis for your company.
Show web site: www.smallbizflash.com
