What are some effective working capital strategies for my business?
An example of an AI chatbot conversation about working capital strategies for businesses.
What are some effective working capital strategies for my business?
Effective working capital strategies include optimizing inventory management, improving receivables collection, and extending payables.
Can you explain how to optimize inventory management?
Sure! You can optimize inventory management by using just-in-time inventory systems, forecasting demand accurately, and reducing excess stock.
What about improving receivables collection?
To improve receivables collection, consider setting clear payment terms, sending reminders, and offering discounts for early payments.
How can I extend payables without harming relationships with suppliers?
You can negotiate longer payment terms with suppliers, communicate openly about your cash flow needs, and maintain a good relationship.
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