30 Ways We Can Make You Money

1. Send out customer statements on time so you can get paid
2. Never lose track of a customer invoice
3. Know exactly who's behind in paying you in order to resolve these problems quickly
4. Never make another sale to a customer who isn't paying their bills
5. Never risk losing a customer because you didn't record their payments properly
6. Accurately calculate interest, and collect it from overdue accounts
7. Reduce the need to borrow due to poor cash flow
8. Don't lose sales because you're out of stock on items
9. Avoid rush delivery charges to obtain out-of-state items
10. Don't waste money buying more of what isn't selling
11. Set your sales prices based on profit instead of guessing
12. Concentrate on selling the most profitable items instead of the easy ones
13. Identify profitable cross-selling opportunities
14. Don't sell a product at a loss because you didn't take markdowns on time
15. Know which money-making product lines to expand, and which ones to drop because they're money-losers
16. Find out if you have a theft problem before it's too late
17. Never pay a bill twice by mistake
18. Never lose a discount by paying a vendor late
19. Plan for your payment due dates and reduce the need to borrow
20. Maintain your good credit rating and keep your borrowing costs low
21. Obtain better credit terms based on your good payment history
22. Know how much payroll and sales taxes you owe, in order to avoid penalties and interest
23. Never write a bad check by mistake
24. Never pay another bad check service charge
25. Make sure all your cash receipts are credited to your account
26. Know when you have excess cash so you can put it to work
27. Keep track of all of your expenses in detail so you know which ones can be cut back
28. Never spend beyond your budget
29. Get the maximum possible tax deductions for the expenses of running your business
30. Learn how much profit you've made, and what your business is worth each month, in order to:
    • Know when it's the right time to grow
    • Know when it's the right time to hold back
    • Plan accurately for taxes
    • Save hundreds to thousands of dollars on your year-end tax return
    • Comply with the reporting requirements of any business loan
    • Respond immediately to any supplier's or customer's request for financial information
31. Figure your profit on a cash or accrual basis so that you pay the lowest taxes
32. If you keep track of revenues and costs by job or project (contractors, landlords, attorneys, etc.);
    • Know on an ongoing basis which products are profitable and which ones aren't
    • Get paid on time as you complete the job
    • Avoid working on projects where progress payments are behind
33. If you manufacture or assemble products (machine shops, bakeries, clothing makers, etc.):
    • Know what it costs to make each item
    • Set a selling price to cover your costs and achieve a fair profit
    • Know what product lines to expand because they're profitable
    • Know what product lines to drop because they're money-losers