Winning a large piece of new business or a influx of new clients is every entrepreneur's dream. But that dream can quickly turn into a cash-flow nightmare if your business doesn't do the right preparation and have a solid growth strategy.
For instance, your business may need to hire more staff and make significant investments in new equipment, materials, technology and space in order to accommodate rapid growth. And you may need to do all that long before you collect sufficient revenue from your new customers to cover the costs.
If your customer pays on 60- or 90-day terms but you have to pay vendors and employees every 30 days, as well as immediately step up purchasing, you could soon face a cash crunch that threatens your company's ability to operate.
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