Business Alert at 9:00am With CVA – Upfront Deposits
Clear Vision • June 3, 2019
When working with large or unique product, you should require an upfront 50% deposit before you start the work. One-of-a-kind products have a limited sales value, usually only to the person or company making the order, so without a deposit, you are subjecting your business to risk of either not receiving your money at the time of delivery or having to accept a reduced payment.
Having a deposit reduces the likelihood of a financial loss in the worst of circumstances. Be sure that your policy is understood from the very beginning and that no work will commence without their commitment.
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Running a business isn’t just about making sales — it’s about making enough sales to cover your costs and pay yourself what you deserve. But how do you figure out how much turnover (aka revenue) you actually need to make each month? Knowing this number helps you: Set realistic sales targets Price your products or services properly Know when to cut costs or increase margins Understand when your business is sustainable This isn’t just about numbers — it’s about clarity and control. Once you know your required turnover, you can stop guessing and start planning. Whether you’re a solopreneur, a growing startup, or a small business owner, this is the foundation of making your business work for you — not the other way around. We love numbers — seriously. And we get that not everyone does. If you need help breaking things down in a way that’s simple, practical, and actually makes sense (even if numbers aren’t your thing), call Clear Vision Accountancy Group today on 4688 2500.
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