Issue link: http://read.dmtmag.com/i/100792
may be a good reason why an account is not paying,��� he said. ���If you meet face-to-face and they have a legitimate problem they���re taking concrete steps to fix, it may be all right to grant additional time. Putting an account into collection too quickly will end the relationship. It���s a judgment call.��� While any business can invest only so much in debt collection, a decreasing level of accounts receivables is usually interpreted to mean efficiency gains are being made. Study your balance sheet. A 30-day payable commitment juxtaposed against 60-day receivables will make for a lopsided revenue stream. It can be possible in some cases to slow down your own payables to get greater use of one���s cash, but to properly do so you should communicate this need well in advance with key suppliers and put changes to any agreement in writing. Business operates on a twoway street. If your best customers expect a discount, don���t be shy about asking your key suppliers for one as well. If you can save 2% by paying a bill within 15 days versus 30 days, that may put more cash in your pocket by the end of the year. AT A GLANCE + Find new means to create reliable cash flow, such as increasing the number of events at your winery. + Check references before doing business with a new customer. + Make pursuing delinquent accounts an official responsibility for a staff member. + Offer a small discount to encourage prompt payment. Ron Goerler of Jamesport Vineyards in New York has worked to increase the winery���s alternative income sources. Regularly monitoring your winery���s cash flow is generally recommended, but is even more critical during a recession. ���It���s all about managing expenses and inventory,��� said Ron Goerler, general manager of Jamesport Vineyards in Jamesport, N.Y. To improve cash flow, Goerler ��� like many winemakers ��� has reduced his reliance on traditional distributor-based business while cultivating alternative income sources. ���When we sell direct, we get a greater profit,��� he said, ���but it���s also about maintaining repeat business while developing new revenue streams.��� Goerler keeps a sharp eye on payroll and closely monitors hours worked by his staff of 10, hiring only those experienced in the food and/or hospitality industry. ���This saves on training,��� he noted. In addition to regularly featuring entertainment at the winery and maintaining a Facebook and Twitter presence, he recently installed a wood-fired outdoor oven to make flatbreads and pizzas, and regularly grows additional grapes to e Win e & 28 rap #1 st G th we t boo id a At M ee us S CHOOSE ALL AMERICAN We carry a complete line of wine bottles, corks and capsules in many colors, shapes and sizes ��� and our centrally located Pennsylvania warehouse services the eastern United States. All American has it all. For more information, please contact: Lissa McLaughlin (727) 321-8879 lmclaughlin@ allamericancontainers.com Roberta Parmelee (315) 585-6045 rparmelee @allamericancontainers.com + Hire a collections agency only after deciding you no longer wish to continue the client relationship. www.aacwine.com Wine Warehouse in Belle Vernon, Pennsylvania ��� Sales Offices & Warehouses in Miami, Tampa, Atlanta, Puerto Rico, NJ and CA w w w. v w m media.com J a n - F e b 2 0 13 | V I N E YA R D & W I N E RY M A N A G E M E N T 119