Specialty Fabrics Review May 2020 - 53

Fabricators can regain control over their
operation's finances by adopting best practices
and proper tools. A good first step involves
how the operation pays its bills. An important
key to improving an operation's cash flow can
be as simple as delaying all outflows of cash
as long as possible. Naturally, the operation
must meet its outflow obligations on time,
but delaying cash outflows makes it possible
to maximize the benefits of each dollar in the
operation's own cash flow.
Many credit cards have a cash back bonus
program. Even if the program offers only
1 percent cash back, that could equate to a
sizable monthly amount for many businesses.
Of course, because credit cards tend to have a
higher interest rate, they should only be used
if the balance can be quickly paid off in full.
IMPROVING INVOICING
Improving the invoicing process is another
key step in cash flow management. A business

can adopt incentive strategies to be paid faster.
A business enjoying a 10 percent gross margin
that offers a 2 percent rebate in exchange for
early payments might not be appropriate.
Giving away small extra services, on the other
hand, might work. Incentives might include
the following:
* Small additional services
* Discounts for early payments (balances
paid before a certain date, or yearly
invoice versus monthly)
* Greater flexibility (for instance,
a down payment required to book
a delivery date)
Some customers are just late payers and
need to be nudged. The way that dunning
is handled can, however, greatly affect the
collection process. Timing and the quality of
message content are the two main factors in
the success or failure of these prods.
How the business gets paid not only affects
its profitability but also its cash flow. Today,

WANT MORE? WE HAVE IT!

Search "cash flow" at
www.SpecialtyFabricsReview.com

SAVE the DATE
Join us at the Sheraton New Orleans in New Orleans, LA USA for the annual Marine Fabricators Conference
on Jan. 7-9, 2021. The conference features three full days of education and networking designed to help you
cultivate industry connections, improve your efficiency and increase revenue.

IFAI.com/MarineConference

www.SpecialtyFabricsReview.com 53

0520RV_p49-57.indd 53

4/18/20 10:58 PM


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Specialty Fabrics Review May 2020

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