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Prioritize Three Strategies Implementation ( how the strategies will be implemented ) Evaluation. Here are my 5 strategies; Look closely at how quickly different types
Prioritize Three Strategies Implementation how the strategies will be implemented Evaluation. Here are my strategies; Look closely at how quickly different types of products are sold. Start buying inventory only when you need it to cut down on having too much. Talk to suppliers to get payment terms that match when you make sales
Speed up getting money in by collecting payments faster. Actions: Make rules about when customers need to pay to make sure they pay on time. Give discounts to customers who pay early to encourage them to pay quickly. Use automatic systems to send invoices and reminders for payments to make it easier to collect money.
Use your resources better to sell more with what you already have. Actions: Check how you work to cut down on wasted time and make things more efficient. Buy better technology or upgrade equipment to do more work and produce more. Consider teaming up with others or renting out assets to get more out of them without spending a lot upfront.
Keep your debt at a safe level and reduce risks when borrowing money. Actions: Look into changing your existing loans to get lower interest rates and more time to pay them off. Find different ways to get money so you're not relying on just one lender. Make a plan for what to do if interest rates go up or if the economy slows down.
Improve how you predict your finances to better handle money and daytoday operations. Actions: Create strong plans for how you'll use and get money, and predict how much cash you'll have. Think about how changes in the economy could affect your finances, and plan for different scenarios. Keep checking and updating your financial plans based on what's really happening and what's going on in the market.
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