Why Is a Cash Flow Statement Important?

When you're trying to learn more about your business finances, a cash flow statement is a must.  This financial statement paints a clear picture of how your business is managing its cash to pay debts and fund operations.  The cash flow statement can help determine the success of your business and be an important indicator of potential to an investor.

What is a cash flow statement and why is it important?

Improve Difficult Client Conversations with These Six Examples

Communication, especially in the time of remote work and virtual meetings, has never been more important. As a freelancer, agency or business owner, you may also feel distracted or overwhelmed when juggling work, clients and working from home. If you've found client communication especially challenging recently, we've created a few example scripts that we hope will help you. 

Here are six example scripts to improve difficult client conversations.

Use an Accounts Receivable Collections Policy to Get Paid on Time

Does your business suffer from late paying customers? Are you a flying-by-the-seat-of-your-pants A/R department of one? Do your clients get away with paying your business late or not at all without any consequences? 

If you answered 'yes' to any of these questions, an accounts receivable collections policy can help you:

  1. Get paid on time

  2. Organize your accounts receivable process so you can handle the job alone

  3. Feel like you have some power if your invoices aren't paid

Read more to learn how to use an accounts receivable collections policy and download a free sample template.

7 Tweets on How to Be a Freelance Success

A recent report by Freelancer.com revealed that freelance jobs increased over 25% in the 2nd quarter of 2020.  With the continuation of uncertainty in the pandemic, employers are looking for a more flexible and remote workforce, even replacing some full-time positions with independent workers.  Striking out on your own can be daunting but it can be done, and quite successfully.

For this post, we turned to the freelancers on Twitter to learn some hard-earned advice.

Here are 7 tweets on how be a freelance success.

Is the Customer Always Right? How to Tell A Client 'No'

Whether you're working for an company or on your own, the thought of saying 'no' to a client can be panic-inducing.  It can be especially stressful if you're starting your own business or trying to grow your new business.  The good news is that there are particular situations that actually call for a resounding negative response. When you say "no," you can feel like you're doing what's right for you and your business.

Is the customer always right? Here's when and how to say 'no' to a client.

Stretching vs. Chasing: Business Advice During Hard Times

If you're starting a new business or have grown a business from the start, you will have some idea of what it takes to "wear many hats" or be as resourceful as possible. During that startup phase, you're analyzing, measuring, listening and on high alert to what is making your clients happy.  According to best-selling author and researcher, Scott Sonenshein, this resourcefulness reveals a "stretching" mindset and is one of the reasons you're succeeding. 

If you're struggling, it may be due to a "chasing" mindset. 

Are you stretching or chasing? Here is some powerful advice to get through hard times.

10 Steps to a Successful Pivot of Business Strategy

The pandemic has highlighted businesses that chose to switch up their business strategy in order to remain profitable.  Retailers have found new ways to sell to consumers, such as The Gap's highly successful pivot to selling masks, and many manufacturers are turning to a DTC (direct to consumer) model.  Any crisis is a true test of agility for entrepreneurs and large enterprises alike, and the COVID crisis is definitely testing most companies around the globe. 

Here are 10 Steps to a Successful Pivot for your Business Strategy.

Gain Access to Hidden Cash in Your Business

There's no question that businesses and cash flow have been affected by the recession and pandemic. Some companies have taken advantage of this time to pivot, rebrand or change focus to save their businesses and keep their customers happy. In the middle of all of that, you might be facing the stress of lacking resources necessary to keep going.  You might also be surprised to learn that you actually already have the company funds you need. 

Here's how to gain access to hidden cash reserves within your business.

When Good Clients Go Bad: How to Select the Best B2B Collections Agency

Just like when any relationship turns sour, you're left dealing with the things you couldn't agree on. Unfortunately, when your good business clients refuse to pay or communicate, it may be time to bring in a mediator to ensure your assets are protected and your agreement holds up. Whether you've decided to escalate their continued late payments, write off their account as bad debt or pursue litigation, you don't have to do it alone. 

When good clients go bad, here's what to look for in the best B2B collections agency.

How to Onboard Clients for a Successful Business Relationship

Once your sales team has built enough trust to land a new client, the onboarding process will lay the groundwork for the ongoing client relationship. This is the time that the client is open to you and, at the same time, cautious of your next steps. It's important that you hit the ground running (or even before signing the agreement!) so the client feels an immediate sense of relief. 

Here are four best practices to onboard clients for a successful business relationship.