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Effectively managing the cash flow of your business is really about protecting your bottom line. Turning a profit is great but only if you see the cold hard cash that those paper profits are supposed to be bringing in. If to many customers fail to pay you or pay you late on a consistent basis then your business could land itself in serious trouble without you being aware of how bad the downward spiral really was.

Forward thinking entrepreneurs are acting to protect and even grow their businesses. But this means they are protecting their greatest asset. Cash in the bank. Successful entrepreneurs and growth businesses understand that there is a need especially in rough economic times to protect what they have. Otherwise they may find themselves turning a good profit on their goods or services, but they simply don’t get enough money in quickly enough to cover all the money going out of the business to pay for materials, stock, staff and all the other costs of running the business.

The flow of cash into and out of your business is of even greater concern to start up businesses as they are in the position of having to also grow a customer base. This means that a great deal more money will be going out the door than is coming in. With the economy being the way it is, managing and monitoring cash flow is definitely a priority for any business because you don’t know what’s coming in the door at any given time. You can find your cash levels fluctuating wildly.

The key to managing your cash levels is not to let your debtors get out of hand. Understand your monthly income and expenses. Learn to anticipate and avoid cash problems. Discuss with your banker our accountant how to build working capital reserves. A company may have excess cash but be unprofitable. A company may be profitable but lack cash. You want to be profitable and have that cash as well.

The Solution is to keep cash flow plans up to date. Make sure cash flow plans are realistic. Allow headroom in your cash requirements to counter unexpected variances. Be aware of your current cash position, forecasts and bear in mind potential fluctuations. Closely manage your stock and debtors to minimize needs for working capital. And manage your supply chain to gain maximum credit. Talk to creditors early if you need to extend. The bottom line is that you need to control your cash flow and not be at its mercy.

Motivation is not a new concept to most of us. We have felt that first burst of enthusiasm. Perhaps it was an ad or news story on TV, an article in a magazine, a chance remark, or an embarrassing moment that brought us that sudden rush of certainty that something needed to be done…could be done. We felt a strong, perhaps overwhelming desire to DO SOMETHING…something that would change what had been or create something new. Often, this is accompanied by a clear and certain knowledge of what to do, how to do, and what the result would be.

Maybe we decided to lose weight, start a business, or write a book. Still bolstered by our reaction to what we had seen, heard, or felt, were certain of success! We would start that exercise program, or open that savings account tomorrow; we would begin writing a chapter a day…tomorrow. No! Tomorrow was too far away! We knew what we wanted and how to get it and we were going to start today!Nothing could stop us!!Of course, we know what happened over the next few hours, days, or weeks.

The clear image we had of our success dimmed and blurred; perhaps disappeared all together. The daily exercise routine, became a couple of times a week, and then was dropped all together. We quit making the deposit, or the notebook we bought for writing our great novel suddenly seemed too full of blank pages to ever fill.

The dream ended. If we were lucky, that’s all that happened…it ended. For some, however, it lingered on as one more reminder of all the unfulfilled dreams and became part of our self image. It was another defeat to add to the stack.

So! What happened and how do we change it?What happened was a combination of life, human nature, and personality or character.

Life supplies us with a constant stream of information, events, and opportunities. It is difficult to keep sight of the goal and the process while maintaining the initial level of motivation which burned so brightly when it was the new kid on the block.

Human nature has defense mechanisms and weaknesses which combine to cause us to lose the fervor we felt…before we begin to become aware of the obstacles in our path. Sadly, an obstacle does not have to be real to be effective. The well-intentioned doubts of friends and family, whether real or imagined, are both equally effective in extinguishing the fires of desire.

As with many things in our lives, our personalities and characters have a great impact on our success or failure in any given situation. Whether they contribute to our success or become obstacles does not, however, define us as failures! It is also important to note that the factors of personality or character which may be in the way are NOT always set in stone and may be altered so that success becomes a more common state.

Ways to maintain motivation keep our dream clear, bright, and fresh after the first giddy rush of elation we felt when we first felt we knew “the answer”. We cannot change life in general, but we can change how we live it and alter the human nature and circumstances which would rob us of success.

1. Write it down: Whatever the goal or dream, commit it to paper. Often, the dream simply becomes harder to see, more difficult to focus on, as new events and factors evolve. Writing it down allows us to refocus and see the goal again as we saw it when it was fresh.

2. Read it: Carry the paper you wrote it on with you. Make an extra copy and put it on your bathroom mirror, another on the refrigerator door. Take it out several times daily and read it…out loud is best, but silently in the bathroom is better than nothing.

3. Revise it: Things change, we grow, we learn. Be real. Having to alter a dream or the process of achieving it is not failure. It is reality.

4. Log it: Make note of what you did to achieve your goal or what you can do tomorrow or next week. Don’t worry about how far you got, or how much you did…just that you did it.

5. Learn it: Study the subject. You don’t have to go back to school for a degree, but regularly delving into the subject will help keep you focused and perhaps give you new ideas to help you on your way.

6. Share it: If you dare, you are the judge. Letting people know what you’re doing, while being aware that they may have a negative view of it, can be motivating.

7. Read about motivation: These few words are not the only ones written on the subject. There are other ideas out there, and a sentence in another article or a book may be the key you need to go farther than you have ever gone before.

The goal is to keep the motivation level somewhere near the level it was when you started.

Effective management of your funds can help you build wealth over time and save you from financial pits.Cash flow is the movement of cash and its equivalent, in and out of a business, or for an individual, over a period of time. The idea of personal cash flow management is to majorly channel the movement of your cash in such a way that it will bring more profit to you.

The following are the basic steps to effectively manage personal cash flow:

1. Personal cash flow evaluation

A personal cash flow evaluation will help you make intentional and realistic decisions on how to channel your cash, list your sources of income in detail (cash inflow), and how your money is dispensed (cash outflow).

The difference between your inflow and outflow is your net cash flow. The outcome of the difference will either be a positive or negative net cash flow. A positive net cash flow signifies that you have been prudent in handling your cash while a negative net cash flow signifies unhealthy management of funds.

2. Effective budgeting

A well-managed budget is the first step to having effective personal cash flow. To create an effective budget, calculate your total income, list out all your expenses, then deduct your expenses from your total income. Also, set aside a certain amount to invest.

There are different types of expenses. The two major ones are fixed expenses and variable expenses. Fixed expenses are majorly payments you must cater to such as rent. Fixed expenses are predictable; this means that there are particular times when such payments are made.

The second type of expense is the variable expense which can also be referred to as a discretionary expense. Variable expense is not as predictable as a fixed cost. Variable expenses are costs that change frequently, depending on quantity or usage; groceries, gasoline, food are examples of variable expenses.

3. Savings and investments

Savings is the amount you put aside for future use, which necessarily doesn’t yield interest over time, or rather yields a low interest. However, investing means to set aside a particular amount (capital), or its equivalent, in expectation of a particular benefit (interest) in the future.

Your monthly budget should include a certain percentage of investments. You can as well make use of an online savings platform to automate your savings and/or investments.

4. Practice frugal living

Frugal living is not equal to being cheap, rather it helps you to channel your expenses on the most important things. While being prudent with your cash, you can still buy quality needed items. Your cash flow management will tell how financially free you would be in the long run.

How you handle your cash flow will, to a large extent, tell how financially free you would be in the long run. At OVERWOOD, we are primarily committed to helping you achieve financial freedom, by investing your funds in safe, high-yield instruments.

Paper is one of those things that always seems to overflow in any home. Piles of mail, piles of schoolwork, piles of magazines, piles of receipts, piles, piles everywhere. So how do you get these piles under control? A few home organization tools can rescue you from your overflowing paper problem.A desktop filer is one of the home organization tools that can really help with your mail problems. This one has become a lifesaver for me and has worked with my home organization clients as well. It works great for keeping my bills and mail organized. Some files that might help you get started: action (bills that need immediate attention), to read (magazines, letters, newsletters), to file (bills that have been paid, magazine articles you want to keep, financial statements). Those are some of the basic files that can at least help you get started. You know what kind of mail you get and what you need to do with it. Just keep logical groupings in mind as you create your files. Word of warning though: do not make too many or you will have a hard time figuring out where things need to go. The goal here with this home organization tool is to help you simplify, not complicate things.A mailbox station is another one of those great home organization tools that can help you tame your paper problem. Create a mailbox for every person in your family. This can be as simple or elaborate as you want to make it. If you want to get the whole family involved (and hopefully get their buy-in to use it), have them make their own mailbox or decorate their own mailbox. A paper sorter, shoeboxes, a plastic container with drawers are all excellent home organization tools to use for this. In this mailbox put whatever mail the person receives, notes for them, reminders, even money now and then as an incentive to be sure to check it. This can work great for your kids too because they can put permission slips in your mailbox and you can put the signed ones back in their mailbox. Just be sure to make it a house rule that everyone checks their mailbox at least once a day. This only works as a home organization tool if you get everyone in your house to actually use it.

First off, you need to know what kind of metal do scrap yards buy?

Scrap yards usually buy metals that are used in industries like automobiles, steel, and other mechanical works. It includes copper, aluminum, zinc, nickel, lead, iron, steel, stainless steel, and brass. Still, all junkyards won’t buy everything that comes in their way. They all have certain limitations and areas of business.

There are also scrap yards that buy almost every broken thing that is past its functional lifespan like home appliances, electronic equipment, old cars, trucks, motorbikes, boats & yachts, airplanes, etc. If something can be sold, they’ll be ready to buy it, at their own price.

If you are wondering what they would do with those ‘useless’ things, they tear apart larger appliances and sell useful parts to brokers. Scrap vehicles and their parts may be sold to brokers or to the mechanics in need of spare parts.

This industry is much bigger than what most people think it is. That’s the reason those who deal in it earn lucrative profits over selling broken and malfunctioning goods and articles.

Below are some practical tips that will enable you to get more money off your old car if you decide to sell it to your nearby junkyard for quick cash:

Know The Value Of Your “Old Car”

There is simply no way you can earn top dollar for your scrap car if you don’t have any idea what it’s worth. What seems to you a heap of old rusted metal can be a gold mine to others. So, it’s important to do a bit of study and research and arrive at an educated guess about how much money you can get from your old car. It’s perfectly fine not to know the exact amount. But if you reach the neighborhood of the actual value, you will have enough knowledge to haggle your way to the best deal. Now, the scrap yard dealers are no kids but knowledge will give your power, and knowing the real value of your stuff will prevent you from settling for less.

The best way to find the value of your old car is to browse through the internet and see what people are demanding and offering. For instance, you can search “old sedan car value” or “old car scrap value” and there will be several results for you to sample.

Make sure you go through at least ten search results so that you can end up with consistent information. It won’t take much time but you will be armed with a weapon that will come in handy at the negotiation table.

Check Local Prices

In an area where there are many dealers under a small radius, it’s best to make calls around to check metal prices before taking all the metal (in this case, your old car) to a junkyard. If you don’t know the exact location of a scrap yard, find them by searching online for “metal scrap yard near me” or doing other relevant queries.

Scrap dealers don’t spit out the exact quote for the merchandise but they surely will give you a minimal figure on how much they pay per pound for which kind of metal. When you make calls to several dealers, it will be enough for you to know which one offers the best money.

Here is a pro tip: the size of a scrap yard does not necessarily mean it will give the best value for your old car. Bigger yards are not supposed to be better all the time. You may find a small-time dealer to earn top dollar.

More Scrap Means More Negotiating Power

If it’s possible logistically, try to haul all your scrap to the scrap yard in one trip. Most places do not have any limit of intake per day or month. It means they can take as much as they like until the deal is sweet for them.

Hauling your old car to a junkyard will put you in an advantageous position where you can hustle and make the dealer give up to your demands. If you have some more back at home, let the dealer know. This little trick will get you even more money. Scrap dealers love large volumes because it reduces logistical costs and they could yield more metal in less time. The bottom line is, the more you bring in, the more power you will have to get the best value.

Split Your Metal

It’s best to split your metal according to their value and nature before hauling it all to the scrap yard. If you have metal with some type of casing on it, you should remove it before trying to sell it. It’s important on two fronts.

The first and foremost is that if the dealer had to separate the metals, he’d use this extra work as an excuse to pay you less for your scrap. It’s the general rule of thumb.

The second and more important thing is the variation in the value of different metals. In bulk, a slight difference can yield significant money. Split the metal and negotiate for the price of each kind. That’s the trick.

Get A Truck Or Rent One

Hauling a lot of metal is not an easy task. It surely does not go into little cardboard boxes. If you don’t have a truck to take your old car to a scrap dealer, here is what you can do without sweating much.

Number one is to check around your circle of friends and family and see if someone has a truck and he or she is willing to loan it to you for a day. In return, as a token of goodwill, you can offer to wash it or get the interior vacuumed on your way back to them.

If this does not work out for some reason, you can always look around and rent a truck. Many movers offer regular trucks for hauling goods and articles and the rentals run as low as 20 bucks a day for in-town use.

Beware Of Suspicious Moves

This scrap yard business is not like a modern enterprise procuring articles or raw material and demands a market-oriented price for their goods. There are not many odds to find an honest and trustworthy scrap yard dealer who would be upfront with you and offer you the real value for your old car. Maybe, you already know that. The world we live in, we need to constantly look out for our potential interests in order to materialize them.

No License

Laws and regulations to conduct business in the scrap industry vary from state to state. At the very least, they are obligated by law to secure a license before starting their shop. This is regular permission granted by competent authorities to all kinds of businesses which allows them to operate in an area after fulfilling certain criteria. Usually, there is a fee to be paid to acquire such a license and get registered with the state.

Depending on your state laws and locality, there is a chance that a special scrap metal license had to be issued in order to transact business legally.

To avoid any inconvenience, it’s best to contact your state and find out if any special permit is needed or you can ask the scrap yard dealers to show you all the legal paperwork.

Dealing with illegal business can land you in serious trouble. So, be sure before taking your old car to a scrap yard.

Misdirection

Dishonest and shady scrap dealers will do everything in their power to confuse you. The main motive behind this misdirection is to pay you as little as possible for your metal (or in this case, your old car). If you are having a hard time determining what’s best for you, a scrap dealer is not the right person to ask for guidance, because it will be the surest way to get ripped off.

Another trick that almost all scrap dealers have up their sleeves is to scam you of your precious metal by rushing through the deal. They will try to close the deal without answering any question you might have in your mind. They come off as “take it or leave it” guys and offer an upfront price without telling you why.

A fair dealer will ask you if you have any doubts or second thoughts about your scrap and give all the information you need. He won’t try to rush through the deal and show eagerness of ripping you off. He will offer you a price after discussing the properties of your scrap and explain why he is doing so.

Towing Cost & Quotes

When a scrap dealer provides you a quote for your old car you need to sell, make sure to ask whether the cost of towing is included in the quote or not. A standard practice in the market involves no hidden charges or fees, which means the scrap dealer needs to be upfront and covers the towing fee in the quote. In your own interest, be sure to ask specifically about the inclusion of the towing fee in the quote.

The best way to get a fair deal for your car from a scrap dealer is to call multiple shops and compare prices before hauling your car to a dealer. Honest dealers are mostly fair in their dealings and cover all the expenses in their quotes. You will find many scrap dealers in your area when you search online for “scrap yards near me”. Call a couple of dealers that are at the top of the search results to get the best price for your car.

Shady Tow Truck Drivers

Many big scrap dealers have their own fleet of trucks and other trailers for hassle-free transportation. It helps them in cutting logistical costs. But, not all own their own trucks, and some work in partnership with local independent truckers and pay them a fee for each vehicle they pick up.

A potential scam bell rings when a scrap dealer agrees to pay you a certain amount and you agree to progress the deal. When the tow truck operator shows up at your door, he’d say that your car is pure junk and does not yield what the scrap dealer is offering you. The tow truck dealer may have his eyes set on the difference if you succumb to his coercion.

The other potential way to scam you is when the scrap dealer agrees to get the towing costs from the deal but the tow truck operator asks you to pay him upfront. He might want to get a double-dip or he could be working with the scrap dealer to rip you off.

If you suspect any activity that does not correspond with what you have agreed to do with the scrap dealer, call him right away and clear things out before paying the tow truck operator or handing him your old car.

Title Transfer

Even when a vehicle cannot be driven, you need to transfer the title from your name to the scrap dealer. In addition to this, you need to contact immediately your local department of motor vehicles and cancel the registration. If you carry on with your idea of selling your old vehicle for cash, still, you will be liable for it.

Before the tow truck operator loads up your old car on the flatbed, make sure to remove all your personal effects. It includes registration and tags of your vehicle and other paperwork.

When a scrap dealer offers you that he’ll take care of all the paperwork, steer clear of such claims. Potentially, it could be a setup for a scam where they take your car and then charge for storing your vehicle on their lot. If you resist and try to fight your case, they will send your old car to a collections agency, which will hurt your credit score.

It’s not worth it to take unnecessary risks while selling scrap to a dealer. Before closing the deal, make sure you double-check all the points. To avoid surprises in the future, everything should be done 100% correctly.

Negotiate

Last but not least, don’t take a bow when you are negotiating to sell your old car (or scrap). This is the surest way to get the best price. Never accept what dealers offer you upfront, even if it exceeds your expectations. They are professional hustlers and do bidding for their own interest all day long. Ask for more whenever you think that you are underpaid. This is truer when you have a lot of metal to sell.

There is no guarantee if you will be offered a better price, but it does not cost much to ask for more.

While negotiating, dealers will set traps in your way. To get the best value for your old car, you need to best those traps and get to the top.

Following are certain ways a dealer lure you into accepting an inferior deal:

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