Thursday, January 17, 2008

Money Matters

You may turn out to be a super freight broker but if you don’t manage the money well, you’re still broke. Spend less than you make and you’ll always have money at the end of the day.

We spend a good amount of time on financial issues in our course. Here’s a recap:

1. Be organized
2. Accounting is a part of the sales team
3. Control Your Cash Flow (if you don’t somebody else will)

Your customer will be happy if you can easily put your hand on the document they need. They’ll know quickly if you are organized
Organization helps the consignee (recipient of the shipment), who is a potential customer for your brokerage (or agency).

If your accounting systems are timely and correct, and your accounting department is friendly, it reflects on your professionalism.
Everyone is part of a team.

It’s important to maintain control of your cash flow daily (or weekly at a minimum). You can run a report on your operations transportation software to determine your weekly receivables that you expect to receive in, and your payables that you expect to go out that week, to keep a handle on your cash flow.

Moving Forward,

Jeff Roach

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