In this episode, Zane Stevens discusses the importance of managing cash flow in a tough economy. He highlights the challenges faced by businesses, particularly in the luxury and alcohol beverage industries. Zane emphasizes the significance of accounts receivable as a tool to supplement cash flow and urges business owners to collect the money owed to them.
He addresses the fear and hesitation around asking for payment and encourages small business owners to assert their rights. Zane also emphasizes the need for a strong accounts receivable process and the benefits it brings to a business’s financial health.
Takeaways
– Managing cash flow is crucial in a tough economy, especially for businesses in the luxury and alcohol beverage industries.
– Accounts receivable is a valuable tool to supplement cash flow and ensure the collection of money owed to a business.
– Business owners should not be afraid to ask for payment and should assert their rights to receive the money they are owed.
– Creating a strong accounts receivable process, including invoicing, reminders, and follow-ups, is essential for maintaining healthy cash flow.
Chapters
00:00 Introduction and Gratitude
01:29 The Tough Economy and Cash Flow Challenges
03:20 The Importance of Accounts Receivable
05:33 Collecting Money Owed to You
08:17 Addressing Late Payments from Big Businesses
10:17 Empowering Small Business Owners to Collect Funds
13:02 Creating a Strong Accounts Receivable Process
14:26 The Benefits of Managing Accounts Receivable
14:54 Conclusion and Final Thoughts
