Buy or Lease?

If you can afford it and the down payment won't eat up cash you need to expand your small business, buying your building instead of renting is a good idea. Especially if the location is right. As your own landlord, you'll build equity in the property. But buying commercial property is a serious move, you'll want expert legal, financial and real estate help.

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Best Business Practices

As a small business owner, you may be taking every project that comes your way. Eventually, you'll find your employees swamped by smaller, less profitable jobs. Instead identify your most potentially profitable customers or clients and focus your sales and marketing efforts on them? With fewer, more profitable clients you'll make more money and you'll do better work.

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Cash Flow Management

Good cash flow management requires developing short term and long term cash flow projections. This helps you manage cash on a daily basis and also helps you develop the necessary capital strategy to meet business needs down the road. It’s important to know when, where and how your cash needs will occur and how you will meet them. .

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Collections

If you're having trouble with collections, you're not alone. One solution: Do the Math for your customers. Instead of telling them that 1.5 per cent interest will be added every month for late payments. Show them what that 1.5 per cent interest charge means in dollars and cents. This won't solve a collection problem entirely, but it will help get the payments flowing in faster..

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