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Expansion, Slowdown, Downturn, Recovery. If these are the four phases of the business cycle, we’re all intimately familiar with Slowdown & Downturn, but the question is – how far away are we from Recovery? The NY Times published an interesting article in July suggesting that based on the predictable cycle, we should be headed in that direction.
So, if that is the case, what are the preparations to position yourself for the turnaround? Norm Brodsky for Inc Magazine enumerated his top ten lessons learned from 29 years as an entrepreneur and included (#2) “A sale isn’t a sale until it is collected.” While it’s tempting to focus on sales, the reliance of growth on swiftly converting sales to cash cannot be overemphasized. Though outsourcing the processes associated with Accounts Receivable collections, FTRANS can vastly improve your access to capital and days sales outstanding.
