Friday, June 30, 2017

Managing your Bank Balance

There may be times when you have made deposits and you are counting on a certain sum of money being available for bills, payrolls, etc. This is especially prevalent when a company is just starting out.

Even with today's quicker processing of checks, your bank may consider some of the checks you have deposited as "uncollected" funds. This may be because of the size of the check or where it is drawn.

It is a prudent practice to know your bank's policy on uncollected funds. This can prevent a problem of one your checks not being honored because not all the checks you deposited have cleared the other person's or company's account.

Some basic guidelines to practice are:

  1. Call your bank or access your on line account to verify your available balance.
  2. Make your deposits daily.
  3. Pay bills one day a week and be consistent with that practice.
  4. Pay by credit card if offered by your vendor, utility, phone company, etc.

One method to speed up your cash flow and avoid possible uncollected funds issues is to offer the availability of payment by credit card to your customers. While there is a fee involved, in the long run it will pay for itself. The fee is negotiable and usually if your credit card business is with your bank the fee will be less than with another financial institution. Your accounting professional can also assist you with this.

Related information on the Bane-Clene web site:

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Please read the latest issue of the Clene-Times® at https://www.baneclene.com/publications/.

Please visit our new and improved web site at https://www.baneclene.com.

The Bane-Clene® Team.

Friday, June 23, 2017

Solving Problems

A simple plan for tackling problems is first off to learn all you can about the particular problem. Look at each part of the problem and see if individual segments can be dealt with one at a time instead of all at once.

Next, figure out how you are going to deal with the matter. You then need to plan a strategy and look down the road to picture the ramifications of the solution you choose. Be sure to explore all possible alternatives before putting your plan into motion.

Most importantly, after you have picked a path to follow, do it. You also want to get started as soon as possible. Procrastination will usually only make problems worse and the solution harder.

Related information on the Bane-Clene web site:

Thank you for reading Bane’s Blog®.

Please read the latest issue of the Clene-Times® at https://www.baneclene.com/publications/.

Please visit our new and improved web site at https://www.baneclene.com.

The Bane-Clene® Team.

Friday, June 16, 2017

To Make Money

Why are you in business? This question has been posed to owners, Presidents and CEO's of all types and sizes of businesses. Many answered "To Make Money".

To many people, that may seem to be the proper response. However, without exception, the most successful companies were the ones in which the response was "to be the best in our industry". To make money means to base all decisions on accumulating cash. This is very shortsighted and usually dooms a company to failure.

To be the best means believing in yourself and in your employees to provide the energy and ideas to be Number One. You strive constantly to make sure everyone and everything about your company is First Class. You make a plan and everyone works hard and takes pride in what they do. They do this in order to make that plan come to fruition.

To be the best means that you do the things necessary to put yourself on top because those are the right things to do. You are confident that they will work because you want them to and you work with purpose.

When you are the best, you will make much more money and enjoy it much more and over a longer period of time. Much more than those who are in business simply "to make money".

Related information on the Bane-Clene web site:

Thank you for reading Bane’s Blog®.

Please read the latest issue of the Clene-Times® at https://www.baneclene.com/publications/.

Please visit our new and improved web site at https://www.baneclene.com.

The Bane-Clene® Team.

Friday, June 09, 2017

Cash Flow

There are warning signs of inadequate cash flow. Here are a few.

  • Your debt service is uncomfortable (higher than what allows easy payment of your bills).
  • When you pay your bills you are unable to take advantage of early payment discounts or in the case of credit cards, entire balances are not paid in full.
  • Your average collection of your receivables are slower than anticipated, causing a problem.
  • You have too little in cash reserves and you need to borrow to keep your bills current.

Ask your CPA to help you balance your cash flow to be compatible with your amount of business.

A regular part of your financial statement from your CPA should track your cash flow and give you monthly or quarterly reports of its positive or negative aspect.

Related information on the Bane-Clene web site:

Thank you for reading Bane’s Blog®.

Please read the latest issue of the Clene-Times® at https://www.baneclene.com/publications/.

Please visit our new and improved web site at https://www.baneclene.com.

The Bane-Clene® Team.

Friday, June 02, 2017

ALLERGIES

We occasionally receive calls from Bane-Clene® Systems service customers and also from the owners of Bane-Clene® Equipment. These calls relate to the use of Bane-Clene® chemicals and their possible effects on allergy sufferers. We always will ask the basic chemicals and or compounds they have questions about. In all but a few instances none of our products might cause a problem. One allergist comments that "many people are allergic to something but luckily never come in contact with it". He adds that his patients "are better off with a clean carpet that has all the dust and pollen removed".

However, certain precautions should be followed. Here are some Do's and Do Not's when cleaning in a home where a person with allergies resides:

Do Not: use perfumes, solvents, deodorizers, proteolytic enzymes or residual protectors.

Do Not: spray or mist anything into the air with a sprayer or atomizer.

Do: follow cleaning with a clear water rinse. Advise the customer that the allergic person should avoid contact with the cleaned fibers until thoroughly dry. Increase the ventilation to speed the drying process.

Cleaning with Bane-Clene products removes the sources of allergy problems (which include dust mites, dirt, pollen, pollutants, dander, etc.) for most people who suffer from allergies. Other processes may actually exacerbate the allergy conditions because of the chemical residues and soil they leave behind.

Related information on the Bane-Clene web site:

Thank you for reading Bane’s Blog®.

Please read the latest issue of the Clene-Times® at http://www.baneclene.com/publications/.

Please visit our new and improved web site at www.baneclene.com.

The Bane-Clene® Team.