El Dinero Report November 2020 | WEARESUMA

Finance Tip

Finance Tip

As we’ve heard many times when we were younger, el dinero no crece en los arboles 🍃. 

Luckily, our friends at GRFCPA have 6 easy steps for us to maintain a healthy cash flow!

Tip #1: Trim expenses and cut unnecessary spending.
Trim the fat, cut the lard, slice the… mantequilla? I don’t know, just get rid of lo que no se necesita! Also, reduce waste in office supplies, utilities, insurance, if you can save a dollar de aqui y alla, you’ll be in a better place.

Tip #2: Offer customer discounts to early payers 💸
Consider providing a 1-2% discount if bills are paid within 10 days of delivery 📨 as an incentive; We all love los descuentos. 😉

Tip #3: Track and collect overdue accounts 📆
Sure maybe every now and then you lend your primo Manny a few (too many 😒) dollars that he’s probably never going to pay back, but this 👏🏽is 👏🏽business👏🏽. If folks owe you money, it’s time to collect.

Tip #4: Don’t extend credit without taking the proper precautions
Fine, your tia Leti, wouldn’t let your primo Manny sign the contract you made with him to pay you back (with interest!) But again, that’s family – this is business. Make sure you do your homework with your customers, get credit checks and follow up with their credit references – and no, their vecina who babysat them 20 years ago doesn’t count. 😤

Tip #5: Keep your inventory light
The longer you hold onto things you don’t need, like those quinceañera center pieces collecting dust, the more you’re taking up space for things you do need, which in turn costs you money. Cut your losses ⚔️ on old or outdated items that won’t sell, replace them with things that will.

Tip #6: Free up cash by leasing rather than buying✅
Leasing computer equipment 🖥 🖨 ⌨️, cars 🚙🏎🛵, facilities🏚🏭 🏢, tools 🛠🎙🎹 🎥🔬, and other necessities is generally cheaper if you lease rather than buy. What tips did you find the most helpful?

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