Risk & Business Magazine Cooke Insurance Group Fall 2016 | Page 4

Managing Your Cash Flow BY: KRISTA T. WALSH, CFCP- PRESIDENT OF KC COLLECT! • Does your lack of cash follow keep you up at night? • Does your lack of cash flow worry you? • Have you ever forgone paying yourself to take care of other bills? Every company struggles with the pressures of maintaining their cash flow. With proper governance and organization, companies should be able to easily ensure the management of their financial house. 1. REVIEW YOUR ACCOUNTS RECEIVABLE ON A REGULAR BASIS: Many business owners do not have the necessary training to completely understand the accounting side of their enterprise. Poor credit management is the top reason that businesses fail, so it is important to either learn the lingo or invest in a trusted accountant. 2. DEVELOP A CREDIT POLICY: Business owners (especially new business owners) can be so eager for a sale that they either forget to, or are too timid to review payment terms with a new client. The more up-front you are about your payment terms, the less likely a misunderstanding or delay in payment will occur. PUBLISHER EDITOR-IN-CHIEF GRAPHIC DESIGN CONTENT COORDINATOR Carle Publishing Inc. Andy Buyting Jessica Cook Stacey Cowperthwaite CONTRIBUTORS Jim Estill David Karandish Patrick Bet-David Joe Polish John DiJulius Eric Fry Dr. Brad Smart Alex Maness Neil Lebovits Krista Walsh Danny Corriveau Joseph Sherren Andrew Scott Jeff Cooke Keith Keane Jeff Cooke ADVERTISING (National) ADVERTISING (Local) PHOTOGRAPHY All images sourced from Carle Publishing Inc. or iStockphotos.ca unless otherwise identified. 125 Pownal Street, Charlottetown, PE C1A 3W4 Ph: 902-566-5666 • Fax: [phone] Parkland Drive, Unit 6A, Halifax, NS B3S 1P9 www.cooke.ca 3. INVEST IN YOUR STAFF: Acquire the correct training to educate your staff. The more time you invest in your staff, the more results you will see. Cooke Insurance Risk & Business MagazineTM is published by Carle Publishing Inc. All content, copyright © 2016, Carle Publishing Inc. All rights reserved. 4. CONSTANT CONTACT: Persistence equals payment. You must keep customers aware that their debt is still outstanding and the payment is necessary. If you are not in constant contact the debt may be forgotten or viewed as less important. Risk & Business MagazineTM is a valued and recognized trademark of Carle Publishing Inc. This publication may not be reproduced, all or in part, without written consent from the publisher. Every effort has been made to ensure the accuracy of all content in this publication, however, the publisher nor Cooke Insurance Group will be held responsible for omissions or errors. 5. USE YOUR RESOURCES: Don’t be afraid to out-source your accounts receivable. Not every company has a designated person to handle this aspect of the business. Make sure that you use a company with specifically trained and certified employees. Krista Walsh is an entrepreneur, author and visionary. She is the owner of the award winning collection agency, KC Collect which was founded in 2005 and is the first and only womanowned collection agency in Atlantic Canada. Walsh released her first book, “20 Tips, Tricks & Techniques on Successful Debt Collection” in May 2016. Articles, reports and information contained herein reflect the views of the individuals who wrote or prepared them and do not necessarily represent the position of the publisher or Cooke Insurance Group. The material herein is intended for educational and informational purposes only. Nothing herein is to be considered the rendering of insurance advice for specific cases or circumstances. Communication of any legal information contained herein does not constitute an attorney-client relationship, nor convey legal advice or recommendation of any kind. Do not rely on information contained herein to replace consultation with qualified  brokers, attorneys or other professionals in your jurisdiction.” Please address all editorial and advertising inquiries to Carle Publishing Inc., Email: [email protected]. Carle Publishing Inc. is not held responsible for the loss, damage or any other injury to unsolicited material (including but not limited to manuscripts, artwork, photographs and advertisements). Unsolicited material must be included with a self-addressed, overnight-delivery return envelope, postage prepaid. Carle Publishing Inc. and Cooke Insurance Group will not give or rent your name, mailing address, or other contact information to third parties. Subscriptions are complimentary for qualified individuals. CARLE PUBLISHING 4 | FALL 2016 Toll Free: [phone], Fax: [phone] Email: [email protected] Website: www.carlepublishing.com