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$ I t p a y s t o b e A B M P C e r t i f i e d : w w w. a b m p . c o m / g o / c e r t i f i e d c e n t r a l 95 Rule #2: DO NOT LET MONEY LIE IDLE Doing your work and getting paid is only half the job when it comes to money management. Once you've collected your money, it's important to use it skillfully. If you don't already have a money market account at your bank, open one and have it linked to your business checking account for telephone or online transfers. Deposit all daily income into the money market account where it will immediately start drawing interest. Never deposit income directly into your checking account. Keep a minimum balance in the checking account and transfer cash only as needed to cover payments to be made. The banks have made it so easy to transfer money between accounts online or by phone that there is no excuse for not taking advantage of it. Keeping your money working for you is an important part of professional practice management. Rule #3: HANG ON TO YOUR CASH Pay your bills just before they're due— not weeks before. Hanging on to cash as long as possible keeps that money available to draw interest or work in the business. Of course, never jeopardize your credit standing by paying bills late. It's especially important to avoid late payment on credit card bills because of the oppressive penalties that most banks have put into place. Rule #4: DO NOT LOSE A CLIENT Determine that you will never lose a client to a competitor. Numerous studies have shown that, on average, it costs five times more for a business to find a new customer than to keep an old one. This is one of the most powerful concepts in the world of business. You (and your employees if you have any) must never lose sight of the fact that finding a new client is a costly and difficult job, and that competitors are standing ready and eager to snatch them away. Once a client visits you the first time, you've done the hard part. Your job now is to instill the notion that visiting you will always be a satisfying experience. A major part of your overall marketing plan must center on ways to retain your current clients and make sure they never have reason to leave you. Hang On To Your Cash!