I recently found an interesting article on Open Forum form Laura Rich titled “Paying Your Small Business Bills”
Her article provided a wide range of ideas between renegotiating trade terms, contacting your vendors, to squeezing your customers for payment.
In practice I have found that it is always better to communicate with your vendors when your business is having cash flow problems before they contact you. They are more willing to work with you if you contact them first. After all they want your business for the long-term.
Contacting them first not only shows that you are interested in a long-term relationship with your vendor, but it also lets them know that you take seriously your responsibility to pay your bills.
To read the rest of her article click the following link Paying Your (Small Business) Bills.
This article was written by Jay Kossen, CPA at Numerico, PC. Click here to view Numerico’s website.
