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Ensuring Cash Flow with Your Small Business Payment Terms
Whether youre a buyer or seller, payment terms are vital for keeping on top of cash flow. Here are some tips for mastering this important aspect of operations.
Its just one small line on an invoice, but it means so much to your small business.
Payment terms like net 30 or net 60 specify how many days a buyer has to pay for a sale of products or services. If youre a buyer and your payment terms get set up incorrectly, you might not have cash on hand when a vendor wants payment. As a seller, difficult payment terms can sour an otherwise strong business connection. Set up properly, payment terms will help your small business maintain a healthy cash flow.
Whether youre a buyer or a seller (or both), you can master payment terms with these simple tips:
The bottom line is that payment terms should be part of an initial conversation between buyer and seller, so that neither side feels slighted. Getting a handle on the best payment terms for your small business can reduce cash-flow issues while strengthening vendor relationships.
For more small business sales, marketing and finance advice visit our extensive Staples Bussiness Hub.