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Copyright 1992-2006 Ted J. Leverette.
Steven Beal, MBA, CGA, CFA, is the Principal of Beal Business Growth Consultants. www.BealConsultants.ca Steven is a business advisor to small and midsize businesses and to business buyers and sellers.
Ted J. Leverette, President of Business Valuation Network, Inc. BusinessValuationNetwork.com.
Some of the techniques we've discussed in this series may bring in a few thousand dollars. Others can bring in hundreds of thousands. Each carries its own risks and costs… and rewards. Before anything else, decide what you want. Then decide what it will take to get it. And finally, combine the techniques that will get you what you need.
In our last lesson, here's a quick recap of everything we've covered.
Financing 101
Lesson 13
Your financing cheat sheet
1. It pays to look close to home. Look to friends, family, customers and employees for investment.
2. Understand that by saving money and improving cash flow, the need to borrow decreases.
3. Improve your cash flow by establishing a credit approval process and keeping on top of it; establishing systems to get invoices out faster and more effectively; and following up on slow-paying customers.
4. Make it easier for them to pay by offering incentives for prompt payment, taking credit cards and getting cash up-front.
5. Consider cashing in on your receivables using factors, invoice discounters, and bank financing based on receivables.
6. Learn how barter can reduce your cash outlay while making use of unused inventory.
7. Turn your customers into investors by getting them to pay up-front for products they'll buy down the road, or through the new product buy-in.
8. Consider a customer club with paid membership and service contracts.
9. Look to your suppliers to finance a new product.
10. Consolidate suppliers on terms that work for you.
11. Decrease inventory costs through consignment, deposits, extended credit and other techniques.
12. Consider not carrying inventory at all, selling through catalogues or the Internet.
13. Go after daily savings: lease rather than own, rent out space you don't use, rent out idle equipment, use freelancers and contractors to reduce full-time staff, add complementary products or services which cost little more to offer, cash in investments, raise prices, farm out tasks you can't do efficiently, cut costs through group plans, take advantage of credit card deals.
14. Consider private placement to raise money
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