Small Business Cost Cutting: A Short Guide!

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Small business cost cutting article and permission to publish here provided by Carol Trehearn.

When it comes to cost-cutting in smaller businesses, you need to think very carefully. Not just because one bad investment could put your business in extreme difficulty, but also because you need to figure out what is a good deal or a bad deal pretty much on your own. Obviously, this can be stressful, and you might feel way out of your depth. 

The truth is, there are no easy decisions when you are running a small business and keeping everything ticking over while trying to take the business forward is a real juggling act.

With that in mind, here are some ideas for small business cost cutting you could put in place to not worry about your financial situation on top of everything else.

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5 Signs its Time to Upgrade Your Accounts Receivable System!

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Accounts Receivable article and permission to publish here provided by Nathan Miller at tesorio.com.

Many companies hesitate to upgrade or change their Accounts Receivable System simply because they feel they can continue to achieve the same results using the same systems and processes as they did five years ago.

If you are a smaller company just looking to send a few automated dunning letters and have your AR team identify which invoices are past due, there may be no reason to change.

But if your company wants to improve free cash flow and cash conversion cycles, you must be sure your AR system is driving efficiencies in your processes – if you hope to grow without spending significant dollars on headcount.  

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Use Your Small Business Credit Card Wisely

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Small business credit card article and permission to publish here provided by Roel Mahalin.

For small- to medium-sized (SMB) businesses, taking out a loan doesn’t always come easy. Since the recession in 2008, traditional lenders don’t usually grant loans to small businesses that easily. The situation makes it harder for small business owners to secure funding and boost their business’ capital. 

Fortunately, alternatives such as a small business credit card are available for these businesses. With one, companies can enjoy a myriad of benefits, including the chance to build or improve their credit standing, purchase business needs on the go, or get discounts on travel, hotel stays, or gas. 

While business credit cards do gift you with that perks, they could quickly work against your business if you use them irresponsibly.

To avoid that, focus on these seven tips that will help you maximize your card and better manage your debt efficiently:

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Best Practices for Accounts Receivable and Accounts Payable!

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Accounts Receivable and Payable article originally published by, and permission to publish here provided by, Nathan Miller at tesorio.com.

Cash flow is the number one reason why most businesses fail: 82% of small businesses go under due to poor cash flow. This challenge isn’t limited to small businesses, either. Just this year, KPMG found a discrepancy in accounting at Meredith Corp., one of the biggest media conglomerates in the country. 

“KPMG uncovered shortfalls in oversight of the processes used to calculate the fair value of Time Inc.’s accounts receivable and accounts payable, which were brought across to Meredith’s books when it purchased Time on January 31, 2018,” reported the Wall Street Journal.

Accounts receivable and accounts payable are critical aspects of a business’s financial health. Understanding how these two accounting functions impact your cash flow and overall growth can mean the difference between another year of healthy profit – and becoming another statistic.

Here’s what you need to know about optimizing the processes of accounts receivable and accounts payable. 

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Achieve Breakthrough Results! Go From Worst to First!

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We launched the Global Inventory Turnover Breakthrough project on April 1st.  It was not a joke.  Our challenge was to improve Inventory turnover from 6.3 turns to over 8.6 turns within the year.  This was a level of achievement that the company had never before reached, let alone thinking about going from Worst to First.

But we had the Call to Action.  Our Inventory turnover was perennially the worst in our industry.  Our Inventory levels were consuming an enormous amount of cash as well as creating a lot of expense in carrying charges.  And this had the effect of driving our Return on Invested Capital to very low, unattractive levels.  Further there were ongoing complaints that even though we had a lot of inventory we  never had all of the right material that was needed.

We had the motivation to turn this situation around.  What we didn’t know is that we were about to make history and go from Worst to First!

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4 Exceptional Financing Options for Emerging Businesses!

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Emerging businesses article and permission to publish here provided by Mikejohn Arizon.

The idea is excellent, the time is right, and the opportunity shines bright. Even 99 things go in a business’s favor, but it doesn’t have the necessary financial muscle. Everything goes in vain. One crucial element for business success is ensuring a handsome fund to start and sustain it.

A substantial amount of money is necessary for corporate expansion, long-term profitability, and consistent operations. The corporate finance technique is an essential part of the overall business plan. Unique entrepreneurial talents are required to provide low-cost funding options.

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How a Student Can Get a Business Grant!

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Unchaining Change Leadership

Business grant article and permission to publish here provided by Sam Coleman.

Need to get a grant to start business? Financial support is important, especially for students.

Some students feel they can start their own business because they have many interesting ideas. This is a good opportunity for professional growth if you receive financial assistance. Unfortunately, not every person who is 20 or a little over has enough money to realize all their dreams.

This is why a business grant is a good option for you. But how can a typical student get it? Here are some interesting ways you can do it.

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Top Considerations in Credit Card Consolidation

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Credit card consolidation article and permission to publish here provided by William Rovetto.

You’ve seen a lot of mixed messaging if you’ve been reading up on credit card consolidation as a way to get your debt under control. Some sources say consolidation is absolutely the way to go. Others say avoid it at all costs. Still others say certain types of consolidations are good, while others are bad. 

Fortunately though, reading between the lines will help you find the main things to look for in a credit card consolidation to ensure it works for you. 

Here are the most important elements.

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Seasoned Leadership in Action™ – An Interview with Vitor Angelelli, Head of Operations at Neogrid

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Unchaining Change Leadership

At Supply Chain Game Changer we believe in sharing experiences and expertise from people in every industry and from across the globe.  As such we have introduced our “Seasoned Leadership in Action™” Interview series. This interview is with Vitor Ayres Angelelli, Head of Operations at Neogrid North America.

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6 Ways to Attract Investors to Your Startup Business!

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Startup business article and permission to publish here provided by Priyank Sharma.

So, you have started your business that looked promising. It is well thought out, and the stakes for success are high. However, you worry about not being able to keep it running forever. You have considered getting investors. But do not know how to convince them to invest in your startup business. 

There are several promising startups that did not make it in the market. The main reason why startups fail is a lack of funding and resources. This is also why convincing investors to invest in your business is important.

Here are six (6) ways to attract investors for your startup business:

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Sales Forecasting Unchecked – A Supply Chain Nightmare!

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Great Sales people have wonderful characteristics and personality traits. They can light up a room, command your attention, bring big ideas to the table, and close deals with customers, all with unbridled enthusiasm. And this can be reflected in Sales forecasting.

Bringing these ideas to life and delivering on commitments made to customers most often requires different but just as impressive skills and effort from the Supply Chain and Operations teams within an organization.

But what happens if your Sales team is left unchecked, goes rogue and makes commitments that can’t be met at any cost?

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Our 2017 Top 10 Blog Posts … So Far!

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It’s been 6 months since we launched supplychaingamechanger.com.  Our goal has always been to share experiences and expertise.  The site has evolved.  The number of categories has continued to grow.  And the response has been absolutely tremendous. We can now present our 2017 Top 10 Blog posts.

In that time Supply Chain Game Changer was also selected by Feedspot as one of the Top 75 Supply Chain Blogs on the Internet.

So we thought that this would be a good point at which to share a list of the 2017 Top 10 Blog posts that we have published so far.  We would be remiss if we didn’t also thank the phenomenal Guest Bloggers who have given us such great content.

So here is the 2017 Top 10 Blog List, so far …

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What is the Libra Cryptocurrency? (Infographic)

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Libra cryptocurrency article and infographic, and permission to publish here, provided by Sophie from White Ranking Technologies.

Libra is a cryptocurrency which runs on Blockchain technology to conduct safe and secure transactions.

Libra is powered by Facebook and the main motive behind launching it is to transform the face of the global economy. 

What more should we know about Libra?

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Cash Is King! Creating a Culture Focused on Money Management

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“We have to make a decision.  We only have enough cash to either pay our employees or our suppliers next week, but not both.”  The old saying was true:  Cash is King!

Wow!  This was what my Controller just told me.  We had just acquired another company.  The decision was made to operate it at arm’s length from the parent company.  And this meant that we had to fund the operation with our own cash, which was at a dangerously low level.

Neither option that the Controller just mentioned was palatable.  We needed a strategy to tackle the immediate cash shortfall and to then create a strong cash position moving forward.

We had the Call to Action!  This would prove to be my first real lesson in Cash Management which could not have been made more intense and immediate!

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6 Strategies to Make Better Financial Decisions for Your Business!

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Better financial decisions article and permission to publish here provided by Claire Glassman.

The financial decisions you make in your company determine many outcomes including the future of your business. Mistakes made in the financial aspect have dire consequences and may cause serious harm to your business venture.

To make better financial decisions, you need to know your business’ numbers and create better strategies for making financial decisions. 

But how do you develop such strategies that can help you make sound financial choices for your company? This article shares ways you can achieve that and make your business more financially sound and sustainable.  

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