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Managing Cash When You Haven’t Got Any by Lori Schafer

The full title of this book by Lori Schafer is

Managing Cash When You Haven’t Got Any: Volume 1: Dealing with Vendors: Practical Cash Flow Strategies for Small Business“.

In my review at Amazon.co.uk, I rated the book at the Four Stars level. This means I consider it to be good or very good.

Here is my review.

Very practical guide to managing payments to suppliers

Juggling cash flow by chasing customers for payment whilst fending off suppliers who want their money is very stressful.

Vendors is the American term for suppliers. This is a good, practical book that looks at the psychology involved. This includes identifying what suppliers want to hear compared with what they don’t like and can cause more trouble.

The main message is more frequent, smaller payments so that suppliers can see you’re making progress. They have to think about the balance between the risk of losing the money you owe or sacrificing the profit on your future business.

You may think that suppliers don’t want regular weekly payments but it can make a difference. I remember when I was responsible for chasing money and took the delinquent debtor to court, it would accept offers of small monthly payments to clear the balance. It was irritating but it was better than losing the entire balance.

This book is longer than I expected and feels a bit stretched in the second half. Even so, if you’re under cash flow pressure, this book is well worth reading.

It is available to buy from Amazon.co.uk and Amazon.com.


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