hi I’m Evan Carmichael welcome to
another edition of ask Evan in today’s
episode I’m going to answer question
from one of my face book readers Amir
who wrote in asking about when people he
works with the man money from him what
should he do so a little bit confused
for this question is a couple of ways to
handle it so hopefully there’s some help
in here for you a mere the two people
are two groups of people who usually ask
your money would be your employees
people work with you or your suppliers
who are supplying you products and
services in terms of the employees
hopefully you’ve worked out some kind of
payment schedule right they get paid on
an hourly basis or a monthly contract or
whatever it is so you’ve got know in
advance you know when people are getting
paid and how much if they’re asking for
in advance you know that’s something you
can think about you know see if they’re
a star employee and worth doing it what
I found least with my team I’ve done it
a couple times and I found that really
helps build the loyalty somebody’s
really in a bind and it can be
embarrassing to come and ask your your
boss for in advance you know you don’t
want to acknowledge that you’re you know
down on your luck and and you’ll need
money so I try to be supportive and I’ve
given advances a couple times people
don’t abuse that and you win their
loyalty they they really appreciate it
and they want to work extra hard for you
if you say no then you know they feel
defeated and deflated and are less
likely to give it their best so I would
say try to do it if you can really
depends on your cash flow situation as
well but I try to make it work if I can
if it becomes an ongoing repeat thing
then it may be something that you need
to look at with them and if that
employee is a good employee is going to
be a fit long term you know try to get
them some help or understand what
situation it going through if it’s a
supplier then again you should have some
kind of arrangement in place for know
you pay within 30 days or 60 days or on
delivery or
whatever it is so hopefully you’ve
signed some kind of agreement before you
know so you both understand the terms
and when you have to make payment what I
try to do with suppliers if if it’s a
big supplier if it’s a huge company then
I could try to push the time as much as
I can but if it’s a small company I
always try to pay them on time as much
as possible and that’s not always
possible but I always try to you know
make sure they’re paid really quickly
because as you as an entrepreneur you
understand how important cash flow is
and you’ll often be told by experts that
you know great way to improve your cash
flow is to push out your suppliers
instead of pain right away hey on 60 day
so you get that six days extra buffer to
you know maintain your cash flow and
while that’s true what I found is the
small guys really hurt from that now
this is a small company that really
depends on your business and you’re
stretching them out they’re really going
to suffer for that so what I want is
loyalty from my suppliers and I want to
when I have a crisis I want them to
really jump on board and help me out as
much as possible so i paid them right
away where you know their other clients
may drag them out i’m paying on time you
know as soon as i get the invoice even
earlier than when they say it’s due
because they’re going to love working
for me and then if i have a big problem
if I need them which is going to happen
eventually with different suppliers then
they’re going to jump on the ball and
want to help out whatever way they can
because they want to keep the business
they love working with me it’s not
always possible to play on your cash
flow situation but I try to make us work
as much as i can because it really wins
the loyalty of those smaller guys
because you really feel it you feel that
they appreciate the business and it
really impacts him if you stretch out
those payments if it’s a big company
they’re not gonna care right you try to
stretch it as well as long as you can
because you’re not really going to have
an impact on their business they won’t
they won’t act any faster if you have a
crisis if you pay them right away or not
you don’t have a strong relationship so
they’re not going to be impacted as much
so I say try to negotiate as great a
deal as you can with the bigger
companies but the little guys are try to
pay
you can hope for the helps answer your
question I’d love to hear what you guys
have to think if you want to leave a
comment in the video or you have your
own thoughts or your own question please
leave a comment and if you like the
video please give it a thumbs up I love
seeing those come in and it makes me
want to do more of these videos for you
guys so thank you and we’ll see you on
the next episode
you
another edition of ask Evan in today’s
episode I’m going to answer question
from one of my face book readers Amir
who wrote in asking about when people he
works with the man money from him what
should he do so a little bit confused
for this question is a couple of ways to
handle it so hopefully there’s some help
in here for you a mere the two people
are two groups of people who usually ask
your money would be your employees
people work with you or your suppliers
who are supplying you products and
services in terms of the employees
hopefully you’ve worked out some kind of
payment schedule right they get paid on
an hourly basis or a monthly contract or
whatever it is so you’ve got know in
advance you know when people are getting
paid and how much if they’re asking for
in advance you know that’s something you
can think about you know see if they’re
a star employee and worth doing it what
I found least with my team I’ve done it
a couple times and I found that really
helps build the loyalty somebody’s
really in a bind and it can be
embarrassing to come and ask your your
boss for in advance you know you don’t
want to acknowledge that you’re you know
down on your luck and and you’ll need
money so I try to be supportive and I’ve
given advances a couple times people
don’t abuse that and you win their
loyalty they they really appreciate it
and they want to work extra hard for you
if you say no then you know they feel
defeated and deflated and are less
likely to give it their best so I would
say try to do it if you can really
depends on your cash flow situation as
well but I try to make it work if I can
if it becomes an ongoing repeat thing
then it may be something that you need
to look at with them and if that
employee is a good employee is going to
be a fit long term you know try to get
them some help or understand what
situation it going through if it’s a
supplier then again you should have some
kind of arrangement in place for know
you pay within 30 days or 60 days or on
delivery or
whatever it is so hopefully you’ve
signed some kind of agreement before you
know so you both understand the terms
and when you have to make payment what I
try to do with suppliers if if it’s a
big supplier if it’s a huge company then
I could try to push the time as much as
I can but if it’s a small company I
always try to pay them on time as much
as possible and that’s not always
possible but I always try to you know
make sure they’re paid really quickly
because as you as an entrepreneur you
understand how important cash flow is
and you’ll often be told by experts that
you know great way to improve your cash
flow is to push out your suppliers
instead of pain right away hey on 60 day
so you get that six days extra buffer to
you know maintain your cash flow and
while that’s true what I found is the
small guys really hurt from that now
this is a small company that really
depends on your business and you’re
stretching them out they’re really going
to suffer for that so what I want is
loyalty from my suppliers and I want to
when I have a crisis I want them to
really jump on board and help me out as
much as possible so i paid them right
away where you know their other clients
may drag them out i’m paying on time you
know as soon as i get the invoice even
earlier than when they say it’s due
because they’re going to love working
for me and then if i have a big problem
if I need them which is going to happen
eventually with different suppliers then
they’re going to jump on the ball and
want to help out whatever way they can
because they want to keep the business
they love working with me it’s not
always possible to play on your cash
flow situation but I try to make us work
as much as i can because it really wins
the loyalty of those smaller guys
because you really feel it you feel that
they appreciate the business and it
really impacts him if you stretch out
those payments if it’s a big company
they’re not gonna care right you try to
stretch it as well as long as you can
because you’re not really going to have
an impact on their business they won’t
they won’t act any faster if you have a
crisis if you pay them right away or not
you don’t have a strong relationship so
they’re not going to be impacted as much
so I say try to negotiate as great a
deal as you can with the bigger
companies but the little guys are try to
pay
you can hope for the helps answer your
question I’d love to hear what you guys
have to think if you want to leave a
comment in the video or you have your
own thoughts or your own question please
leave a comment and if you like the
video please give it a thumbs up I love
seeing those come in and it makes me
want to do more of these videos for you
guys so thank you and we’ll see you on
the next episode
you
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