Recent Posts


Finance: Receivables and Payables
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j0398405

Hi. Lately I have been doing a lot of thinking about receivables and payables. If receivables are what customers owe us and payables are what we owe vendors, why are our payables more than receivables lately? And, if receivables are what customers owe us, why don’t they pay us? And if the customers tell us that the economy is down and they need a longer lead time, don’t they realize the economy is down for our businesses also and our vendors are not giving us a longer lead time?

What to do? Is our best customer still our best customer if they don’t pay us?

It’s tough to know when to push and when to comply. My thought is that we need to be firmer at the onset letting the accountant (or whoever is in charge of bill paying) know 60 days is 60 days not 120 days. Isn’t this a chance to confirm the squeaky wheel really does get the oil? Talking directly to the person who pays the bills is important. I have spent useless phone calls talking to the owner getting, “The check is in the mail,” routine when she has only told the accountant to prioritize bill paying. It is our obligation to make it known we are on the top of that priority list.

Any of this sound familiar to you? Let me know how you handled it.

Betty Otte, SCORE Orange County
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Marketing: Effective Elevator Speeches that Leave a Lasting Impression
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Networking_Women
An elevator speech is a short introduction of who you are and what your company does in about 200 words or less. It should highlight your uniqueness and focus on the benefits that you provide. It is delivered in an enthusiastic upbeat way, introducing yourself, shaking hands, having eye contact, engaging the potential client and handing out a business card.

A good elevator speech would include:

1. The services or features that you provide.
2. The benefits that your clients will receive from these services.
3. Include successful client outcomes.
4. Create an opening sentence that will grab the listeners attention, the best opening lines leave the listener wanting more information.
5. Finally your elevator speech has to sound sincere, engaging and delivered with passion.
6. Always introduce yourself, shake hands and have a business card to hand out

This essential networking tool will allow you to grab the attention of anyone you wish to do business with.

This would be an example of mine:

Hi, my name is Julie Brander and I am a SCORE counselor with 20 years of business experience, I have my MBA and Real Estate License. I help people start and expand their businesses. I’ve helped clients get business loans who have been turned down. I’ve helped clients with their marketing plans in which they have increased their business and helped with business plans in order to get bank financing. SCORE counselors are available free of charge to help you with all your business needs. Please contact us at www.newhavenscore.com or call 203-865-7645 for an appointment.

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Julie Brander - Business Mentor, SCORE New Haven
Julie has been a SCORE volunteer since 1997. She has 20 years of experience in business, starting a manufacturing, wholesale and retail jewelry company. After selling her business, she dedicated herself to helping other entrepreneurs start and expand their business.
www.scorenewhaven.com | @juliebrander | More from Julie

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