Controlling what you pay out to your employees and vendors is one of your most critical activities. Vendors can be a little forgiving. Employees? Not so much. My experience has taken me down a long and winding road.
1) When filling out a credit application, try to avoid signing the personal guarantee.
2) Pay early to get your discounts
3) Pay on-time
4) If you’re falling behind, you need to make some difficult decisions.
a) See revenue
b) See fixed costs
c) See variable costs
d) Prioritizing your vendors
5) The clock can only tick for so long