The golden rule in business is to manage your cash flow. Your main goal is to get your customers to pay as fast as possible while paying your vendors as slow as you can. This may sound unfair since we are taught to treat others as we would like to be treated, but this is crucial for businesses to survive.

Changing Vendor Payment Terms

Like most small businesses, I hated debt and always paid bills when they came in. I never liked the looming bill over my head, but I quickly realized that I needed to change my approach. Once I did, my cash flow jumped up by 33% immediately. You can say wow! Yes, this is a huge impact on a business.

Then I started thinking, if that made a difference, let’s start negotiating with all my vendors. Before I went to the vendor directly I did my research and approached them with a prepared offering.

• Know what their competitors are offering and you can leverage their payment terms.
• Guarantee a certain volume of business within a certain time frame.
• Setup automatic payment with a credit card.

How to Maintain Cash Flow

When you have the best processes for vendor payments, it allows you to cross cash flow challenges off your list as an agency owner but are there other issues you are ignoring?

Through my own career and professional life, I have more than likely experienced all if not most of the different struggles you have and can help you with what I have learned. From bad agency clients, developing agency products as well as how you can build authority for your agency.

If you want to grow your agency even further, I have agency growth hacks, the best ways to improve management of your business as well as why building a remote team can be beneficial in the long run.

As well as this, you can learn more about my career as well as tips, tricks and insights by checking out my blogs that cover a wide variety of topics.

I also hear the experience and advice from other successful agency experts in my Ask Swenk series and more of my videos on my Youtube channel.