How To Keep The Cash Flowing

By Rosalie Marcus
http://www.promobizcoach.com/


A recent conversation with a member of my Working Smarter Success Circle prompted this question.

"I'm a confident promotional products sales professional with great ideas and big name clients, but my cash flow is terrible. It's causing me much anxiety and sleepless nights. What can I do? "

My advice....

Why not ask for a deposit on all your orders? We are in a custom business. Painters, plumbers and general contractors routinely ask for deposits before they start work on a job, why shouldn't promotional products sales professionals?

An easy way to get deposits is to set up a merchant account and accept credit cards. Many clients will find it easier to put a deposit on a credit card. While you will be paying a small percentage to the credit card company, you'll have the benefit of getting your money up front.

To keep cash flowing set up terms with your clients before you accept the order. Make sure you check the credit references for all new accounts. Let your clients know (in a nice way) that you expect payment in 30 days or less. Get to know the people in the accounting department who will be paying your invoices. Giving them a small promotional gift can go a long way in establishing good will.

Reward your clients for paying in a timely manner by sending them a thank you letter or a small promotional gift. Many of our suppliers routinely send out thank you letters to distributors with good paying habits.

Dealing with credit worthy clients, getting deposits, being clear about your payment terms and letting your clients know how much you appreciate their prompt payment will go a long way in improving your cash flow.

What do you think? Do you ask for a deposit on your orders? What do you do to keep the cash flowing in your promotional products business? All replies are welcome. Just hit the comments button below.

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Rosalie Marcus, promotional products business coach, speaker and educator, teaches people in promotional products sales how to get more business, better clients and a higher income. Get a free special report: How To Attract Promotional Products Sales in 30 Seconds or Less at: http://www.promobizcoach.com/