Limited Time Only: Download the Ezypay 31 Day Cash Flow Challenges PDF today

What are your cash flow challenges? The Ezypay 31 Day Cash Flow Challenges PDF highlights the plight all gym business owners and senior management staff will have to endure during the growth stages of their business. Download the cash flow PDF today to learn how you can include comprehensive cash flow projections in your business planning for the next 12 months ahead.  The cash flow challenges PDF also contains advise from industry experts on cash flow planning, budgeting your expenditure and raising emergency funds for both young and established gyms or fitness centers in the country. Ezypay’s Cash Flow Challenges PDF will effectively help you plan out the cash requirements for your business, empowers business owners to take control of their expenditure and provides sound advice on how you can maximize your cash flow resources. We recommend Ezypay 31 Day Cash Flow Challenges PDF to those interested in learning about: How to avoid and get out of situations where you have limited cash flow Increasing profit margins without drastic sales strategies Budgeting your business for expansion Preparing cash budges and projections for better planning Debt collection advice Balancing your stock levels for optimal profit Why you need to avoid lump sum collection With quotes and recommendations from business strategists such as Amanda Bracks from Bracks Consulting, Business Victoria and Roxana Olivares, Director Programs of The Forum Sport and Fitness, the Ezypay 31  Day Cash Flow Challenges PDF is the Ultimate Guide to Cash Flow Freedom for those in the fitness industry and other small to medium businesses who want to run a profitable, satisfying business – with less cash flow challenges....

6 Ways to find hidden money in your business (#Cashflow) Tip 31

Crouching Tiger, Hidden Money? Could there by hidden money under your nose? Most businesses have an unseen source of extra cash right in front of them and there are a few ways to find that hidden money. Hidden Money Could Be Anywhere, Anything 1. Rent or sell off unused space If you have some empty space that you are not using, wouldn’t it make sense to lease this out? If you really don’t need it, you could consider selling a concession for it. It is far better that the space is used by somebody else rather than just left doing nothing. 2. Rent wall space to advertisers If you have some empty wall space outside your business, you could consider renting this out to advertisers to earn hidden money; check with local laws first before making this move, though. 3. Temps and Freelancers If you don’t have enough work to keep all of your staff productive, you might be better off letting them go. You might also consider hiring some freelance workers that you can use when you need to. Having less full time workers will also mean that you won’t have to pay so much on employee benefits and office equipment that they would need if they were with you all the time. 4. Lease, rather than own Consider leasing rather than owning assets. It is important that you do a cost benefit analysis to see if it would make more financial sense for you to lease rather than own assets. Keep in mind that if you lease, you won’t be able to claim them as a business asset. 5. Rent out unused equipment If you...

Create 3 to 5 Year Projections for Your Company (#Cashflow) Tip 30

Why 3 to 5 Year Projections are Impossible but Necessary If you are planning to grow your business, create cash flow projections for 3 to 5 years out. Once you have a base projection, save a few copies so you can do “what-if” scenarios. What if I borrow more money now? What if I raise more capital? What if I speed up/slow down growth? These questions will help you stay better informed and make decisions based on relevant information. Ingredients for 3 to 5 Year Projections Projections are difficult to create because they are essentially acts of faith that are backed up only by assumptions made on your sales, channels and market potential. For higher accuracy, what you can do is run a mini-test from time to time to re-calibrate your 3 to 5 year projections according to the latest market trends. To begin with: Determine your product price Determine your market and then estimate the value of your total sales. Use market number to limit your sales projections and remember to take into consideration your timing as well. Most new membership sign ups tend to occur in January, so do make sure that the associated revenue numbers do not appear in your projections in any other month. You can download a great 5 year projections template from Microsoft Office here. Your Projection is a Shield and Weapon After building your 3 to 5 year projections model, you’ll now be ready to answer probing questions from the shareholders and company. You can now track the progress of your business and you have early warnings to tweak your plan if...

3 Ways to Collect Bad Debts Today (#Cashflow) Tip 29

Collect Bad Debts Now, Not Later Want to know how to collect bad debts? BusinessMag has recently published an interesting article on 9 Ways to Collect Bad Debts for Small Businesses. Here are several of the ideas suggested in concise format: Timing is Everything Statistically, debts that are over 30 days late are less likely to be paid. Accounts that are over 6 months overdue have a 57% chance of being settled whereas bills that are over 12 months old are very likely not to be paid at all. This means that you should always collect bad debts as soon as possible to avoid loss of income. Never Assume You Can’t Collect Bad Debts Your customer might not have realized that his or her payment has failed, so the first thing you should do is contact your customer for an open, honest conversation about overdue bills. If your customer has trouble making payment on time, see if you can discuss a customized payment plan. This will not only improve relations but will also boost your brand loyalty and also help ensure that you’ll receive the monies owed (eventually). Get Personal It used to be that sending a letter asking for payment would many times prompt a response, but nowadays, it takes a lot more to get a delinquent customer’s attention. Some experts suggest that meeting a customer in person might do the trick. Showing up unannounced at the office, and then offering to wait until the accounts payable manager is free will definitely get some attention — as will showing up at the same place the customer frequents for...

7 Truths About Foreign Currency Accounts (#Cashflow) Tip 28

Why are large and small businesses all opening foreign currency accounts? Rohen Burton, Chief Financial Officer of Fit n Fast suggests, “If you purchase from overseas suppliers (for example, the US) consider setting up a Foreign Currency bank account and plan to buy some currency when the rates are favourable. Don’t exchange more than you need and make sure your AUD cash flow can handle having this amount off sitting in another account. In 2011, there was an opportunity of saving over 5% just on exchange rates alone if they were booked at the right opportunities.” In other words, business owners who make regular foreign currency payments or have foreign currency receipts on a regular basis are encouraged to create a foreign currency account for several monetary reasons. A foreign currency account can be used to hold funds in a currency ready for future payments, or as a temporary holding before conversion into Australian dollars at a particular date. Foreign currency bank accounts are also suitable for businesses that both deal and receive payment in that foreign currency – which then reduces the conversion fee to or from Australian dollars. Features of Foreign Currency Accounts All banks in Australia provide separate benefits and perks to setting up a foreign currency account, so do take your time shopping for a suitable account for your business. Generally, all foreign currency account holders can enjoy: Receiving payments from overseas clients and paying overseas suppliers without repeatedly converting funds from/to Australian dollars Converting funds at the time of your choosing, avoiding the impact of short-term currency fluctuations Reducing currency risk by avoiding short...

5 Ways Pareto’s Rule Can Improve Your Business (#Cashflow) Tip 27

The 80/20 Rule by Pareto The Pareto principle states that for many events, roughly 80% of the effects come from 20% of the population. The Pareto’s 80/20 Rule is also known as the 80-20 rule, the law of the vital few, and the principal of factor scarcity. It is named after Italian economist Vilfredo Pareto, who, in 1906, found that 80% of the land in Italy was owned by 20% of the population. Rohen Burton, Chief Financial Officer of Fit n Fast suggests, “When reviewing the cash flow reports or producing cash flow projections, use Pareto’s 80/20 rule. Spend your time on the most important cash impacts of your business. For example: 80% of your revenue comes from 20% of your customers or products. 80% of your expenses come from 20% of suppliers or cost lines. Concentrate on these areas of the business for the biggest impacts. Besides impacting your sales, other businesses also implement Pareto’s Rule in other aspects of their business with great success. Pareto for Productivity By utilising the 80/20 rule, individual employees can prioritize their tasks so that they can focus on the critical 20% that will produce 80% of the results. Pareto for Profitability Depending on your end goals, the Pareto Principle can be utilised to determine whether you need to focus your effort and resources on the 20% of staff that produce most of your sales to further improve their skills or to focus on the 80% of other employees that are struggling to bring in any sales. Pareto and Page Optimization The 20% of pages that attract the most views are generally...