• DVM360_Conference_Charlotte,NC_banner
  • ACVCACVC
  • DVM 360
  • Fetch DVM 360Fetch DVM 360
DVM 360
dvm360 | Veterinary News, Veterinarian Insights, Medicine, Pet Care
dvm360 | Veterinary News, Veterinarian Insights, Medicine, Pet Care
By Role
AssociatesOwnersPractice ManagerStudentsTechnicians
Subscriptions
dvm360 Newsletterdvm360 Magazine
News
All News
Association
Breaking News
Education
Equine
FDA
Law & Ethics
Market Trends
Medical
Politics
Products
Recalls
Regulatory
Media
dvm360 LIVE!™
Expert Interviews
The Vet Blast Podcast
Medical World News
Pet Connections
The Dilemma Live
Vet Perspectives™
Weekly Newscast
dvm360 Insights™
Publications
All Publications
dvm360
Firstline
Supplements
Vetted
Clinical
All Clinical
Anesthesia
Animal Welfare
Behavior
Cardiology
CBD in Pets
Dentistry
Dermatology
Diabetes
Emergency & Critical Care
Endocrinology
Equine Medicine
Exotic Animal Medicine
Feline Medicine
Gastroenterology
Imaging
Infectious Diseases
Integrative Medicine
Nutrition
Oncology
Ophthalmology
Orthopedics
Pain Management
Parasitology
Surgery
Toxicology
Urology & Nephrology
Virtual Care
Business
All Business
Business & Personal Finance
Hospital Design
Personnel Management
Practice Finances
Practice Operations
Wellbeing & Lifestyle
Continuing Education
Conferences
Conference Listing
Conference Proceedings
Upcoming dvm360 Conferences
Resources
CBD in Pets
CE Requirements by State
Contests
Partners
Spotlight Series
Team Meeting in a Box
Toolkit
Top Recommended Veterinary Products
Vet to Vet
Veterinary Heroes
  • Contact Us
  • Fetch DVM360 Conference
  • Terms and Conditions
  • Privacy
  • Do Not Sell My Information
  • About Us

© 2023 MJH Life Sciences and dvm360 | Veterinary News, Veterinarian Insights, Medicine, Pet Care. All rights reserved.

Advertisement
By Role
  • Associates
  • Owners
  • Practice Manager
  • Students
  • Technicians
Subscriptions
  • dvm360 Newsletter
  • dvm360 Magazine
  • Contact Us
  • Fetch DVM360 Conference
  • Terms and Conditions
  • Privacy
  • Do Not Sell My Information
  • About Us
  • MJHLS Brand Logo

© 2023 MJH Life Sciences™ and dvm360 | Veterinary News, Veterinarian Insights, Medicine, Pet Care. All rights reserved.

Fishing for funds during a cash crunch

May 1, 2005
Denton Harris

Suddenly, in the midst of attempts to grow your practice, you find your cash flow dried up. And let's say your bank, no matter what you do, can't help you. What else can you do?

Suddenly, in the midst of attempts to grow your practice, you find your cash flow dried up. And let's say your bank, no matter what you do, can't help you. What else can you do? Assuming you've taken a hard look at the potential and still feel convinced that the expansion will work, take these steps to find potential pools of cash:

1. Scrutinize your accounts receivable account by account. Try to speed up payments without looking desperate.

Advertisement

2. Talk to your suppliers and ask for longer payment periods. Be honest and tell them you have a temporary cash crunch and would like 45 days rather than 30 days to pay, or whatever your regular payment period has been. Most suppliers will agree, especially if you're honest and explain why you're asking for this favor. Warning: Don't go beyond your agreed time, or your creditors will grow suspicious. Rumors and gossip spread rapidly in the business world.

3. If you've been offering clients a 30-day payment period, offer a small discount if they pay you earlier.

4. As you expand, you may need additional equipment and supplies. As you place orders, be frank and tell the seller that you'd like to extend payment terms.

5. As a last resort, you may have a trusted friend or relative who's willing to lend you money. Again, this is a last resort. It's better not to borrow from friends and relatives, no matter how close your relationship may be. If you do work out a loan, be sure to sign a written, interest-bearing contract that reflects the current financial market.

Harris, a former banker and magazine publisher, is a freelance writer based in Atlanta.

Related Content:

Practice Finances
Increasing efficiency and productivity in uncertain times
Increasing efficiency and productivity in uncertain times
Reduce your veterinary teams’ stress with financial wellness
Reduce your veterinary teams’ stress with financial wellness
Terravet and the future of veterinary real estate ownership
Terravet and the future of veterinary real estate ownership

Advertisement

Latest News

The Vets appoints Dr Zach Mills to VP of Medical Performance

Communicating the importance of genetic screening

Purina announces its 2023 Pet Care Innovation Prize winners

AmeriVet Veterinary Partners deemed a 2022 Business of the Year

View More Latest News
Advertisement