Arnon Dror is a successful businessman in the field of global finance. He has the privilege of holding of office of Vice-President in many credible global companies. These include US Channel Group, Creo Inc., Scitex, Kodak, Creo Americas and Presstek. This master graduate in business management specializes in many diverse fields. These include cash flow management, corporate negotiations, international taxation, ERP integration, business mergers, and internal control. Many of his contemporaries say he has an impressive track-record the area of corporate reconstruction. They credit him with turning around many loss-making corporate enterprises into profitable concerns.
Arnon Dror – How can start up entrepreneurs improve their businesses’ cash flow position?
This financial explains startup entrepreneurs on the verge of establishing their businesses know the importance of generating adequate sales. However, there is one very important aspect which they tend to overlook. These businessmen need to ensure their organizations maintain optimum cash flow at all times. Otherwise, they could have a very difficult time operating their concerns successfully. This is obviously the last thing they want. These businessmen need to understand an important fact. Cash is the lifeline of their establishments. Many large companies go bankrupt because they can’t pay their lenders, vendors, and employees on time. These proprietors don’t want to go through the same situation.
He admits proper cash flow management is always a contentious issue for many startup entrepreneurs. However, there are ways in which they businessmen can avoid a cash-crunch scenario. They just have to keep in mind the following two important tips:
- Be open to accepting diverse payment options from customers
Startup entrepreneurs should allow their customers multiple options to pay off their dues besides cash. These could be in the form of checks, plastic money, PayPal, digital wallet or internet banking. Bitcoin is also emerging as a convenient way for these individuals to clear their creditors’ outstanding amounts. Accepting such modes of payment makes life easier for these businessmen. These proprietors can get the money they generate from their sales without any hassle. This is a fact which they can’t afford to overlook.
- Hire a suitable invoice-factoring service provider
As these aspiring proprietors expand their market operations, they come across a common problem. These businessmen begin to notice they a number of slow-paying customers in clientele. Despite sending constant reminders, these individuals still fail to pay their outstanding dues on time. These proprietors can take legal action against their debtors. However, it is a time-consuming process. Moreover, there is no guarantee they’ll get the kind of results they are looking for. This is why these businessmen should consider hiring the services of a reliable invoice factoring service provider.
Arnon Dror says proper cash flow management is a necessity for startup entrepreneurs rather than a luxury. It can ensure the survival and success of their businesses. This is obviously what they want. Fortunately, implementing the above two important can help them to achieve their objective. They won’t regret taking the decision to do so.