hi I’m Evan Carmichael welcome to another edition of ask Evan in today’s
another edition of ask Evan in today’s
another edition of ask Evan in today’s episode I’m going to answer question
episode I’m going to answer question
episode I’m going to answer question from one of my face book readers Amir
from one of my face book readers Amir
from one of my face book readers Amir who wrote in asking about when people he
who wrote in asking about when people he
who wrote in asking about when people he works with the man money from him what
works with the man money from him what
works with the man money from him what should he do so a little bit confused
should he do so a little bit confused
should he do so a little bit confused for this question is a couple of ways to
for this question is a couple of ways to
for this question is a couple of ways to handle it so hopefully there’s some help
handle it so hopefully there’s some help
handle it so hopefully there’s some help in here for you a mere the two people
in here for you a mere the two people
in here for you a mere the two people are two groups of people who usually ask
are two groups of people who usually ask
are two groups of people who usually ask your money would be your employees
your money would be your employees
your money would be your employees people work with you or your suppliers
people work with you or your suppliers
people work with you or your suppliers who are supplying you products and
who are supplying you products and
who are supplying you products and services in terms of the employees
services in terms of the employees
services in terms of the employees hopefully you’ve worked out some kind of
hopefully you’ve worked out some kind of
hopefully you’ve worked out some kind of payment schedule right they get paid on
payment schedule right they get paid on
payment schedule right they get paid on an hourly basis or a monthly contract or
an hourly basis or a monthly contract or
an hourly basis or a monthly contract or whatever it is so you’ve got know in
whatever it is so you’ve got know in
whatever it is so you’ve got know in advance you know when people are getting
advance you know when people are getting
advance you know when people are getting paid and how much if they’re asking for
paid and how much if they’re asking for
paid and how much if they’re asking for in advance you know that’s something you
in advance you know that’s something you
in advance you know that’s something you can think about you know see if they’re
can think about you know see if they’re
can think about you know see if they’re a star employee and worth doing it what
a star employee and worth doing it what
a star employee and worth doing it what I found least with my team I’ve done it
I found least with my team I’ve done it
I found least with my team I’ve done it a couple times and I found that really
a couple times and I found that really
a couple times and I found that really helps build the loyalty somebody’s
helps build the loyalty somebody’s
helps build the loyalty somebody’s really in a bind and it can be
really in a bind and it can be
really in a bind and it can be embarrassing to come and ask your your
embarrassing to come and ask your your
embarrassing to come and ask your your boss for in advance you know you don’t
boss for in advance you know you don’t
boss for in advance you know you don’t want to acknowledge that you’re you know
want to acknowledge that you’re you know
want to acknowledge that you’re you know down on your luck and and you’ll need
down on your luck and and you’ll need
down on your luck and and you’ll need money so I try to be supportive and I’ve
money so I try to be supportive and I’ve
money so I try to be supportive and I’ve given advances a couple times people
given advances a couple times people
given advances a couple times people don’t abuse that and you win their
don’t abuse that and you win their
don’t abuse that and you win their loyalty they they really appreciate it
loyalty they they really appreciate it
loyalty they they really appreciate it and they want to work extra hard for you
and they want to work extra hard for you
and they want to work extra hard for you if you say no then you know they feel
if you say no then you know they feel
if you say no then you know they feel defeated and deflated and are less
defeated and deflated and are less
defeated and deflated and are less likely to give it their best so I would
likely to give it their best so I would
likely to give it their best so I would say try to do it if you can really
say try to do it if you can really
say try to do it if you can really depends on your cash flow situation as
depends on your cash flow situation as
depends on your cash flow situation as well but I try to make it work if I can
well but I try to make it work if I can
well but I try to make it work if I can if it becomes an ongoing repeat thing
if it becomes an ongoing repeat thing
if it becomes an ongoing repeat thing then it may be something that you need
then it may be something that you need
then it may be something that you need to look at with them and if that
to look at with them and if that
to look at with them and if that employee is a good employee is going to
employee is a good employee is going to
employee is a good employee is going to be a fit long term you know try to get
be a fit long term you know try to get
be a fit long term you know try to get them some help or understand what
them some help or understand what
them some help or understand what situation it going through if it’s a
situation it going through if it’s a
situation it going through if it’s a supplier then again you should have some
supplier then again you should have some
supplier then again you should have some kind of arrangement in place for know
kind of arrangement in place for know
kind of arrangement in place for know you pay within 30 days or 60 days or on
you pay within 30 days or 60 days or on
you pay within 30 days or 60 days or on delivery or
delivery or
delivery or whatever it is so hopefully you’ve
whatever it is so hopefully you’ve
whatever it is so hopefully you’ve signed some kind of agreement before you
signed some kind of agreement before you
signed some kind of agreement before you know so you both understand the terms
know so you both understand the terms
know so you both understand the terms and when you have to make payment what I
and when you have to make payment what I
and when you have to make payment what I try to do with suppliers if if it’s a
try to do with suppliers if if it’s a
try to do with suppliers if if it’s a big supplier if it’s a huge company then
big supplier if it’s a huge company then
big supplier if it’s a huge company then I could try to push the time as much as
I could try to push the time as much as
I could try to push the time as much as I can but if it’s a small company I
I can but if it’s a small company I
I can but if it’s a small company I always try to pay them on time as much
always try to pay them on time as much
always try to pay them on time as much as possible and that’s not always
as possible and that’s not always
as possible and that’s not always possible but I always try to you know
possible but I always try to you know
possible but I always try to you know make sure they’re paid really quickly
make sure they’re paid really quickly
make sure they’re paid really quickly because as you as an entrepreneur you
because as you as an entrepreneur you
because as you as an entrepreneur you understand how important cash flow is
understand how important cash flow is
understand how important cash flow is and you’ll often be told by experts that
and you’ll often be told by experts that
and you’ll often be told by experts that you know great way to improve your cash
you know great way to improve your cash
you know great way to improve your cash flow is to push out your suppliers
flow is to push out your suppliers
flow is to push out your suppliers instead of pain right away hey on 60 day
instead of pain right away hey on 60 day
instead of pain right away hey on 60 day so you get that six days extra buffer to
so you get that six days extra buffer to
so you get that six days extra buffer to you know maintain your cash flow and
you know maintain your cash flow and
you know maintain your cash flow and while that’s true what I found is the
while that’s true what I found is the
while that’s true what I found is the small guys really hurt from that now
small guys really hurt from that now
small guys really hurt from that now this is a small company that really
this is a small company that really
this is a small company that really depends on your business and you’re
depends on your business and you’re
depends on your business and you’re stretching them out they’re really going
stretching them out they’re really going
stretching them out they’re really going to suffer for that so what I want is
to suffer for that so what I want is
to suffer for that so what I want is loyalty from my suppliers and I want to
loyalty from my suppliers and I want to
loyalty from my suppliers and I want to when I have a crisis I want them to
when I have a crisis I want them to
when I have a crisis I want them to really jump on board and help me out as
really jump on board and help me out as
really jump on board and help me out as much as possible so i paid them right
much as possible so i paid them right
much as possible so i paid them right away where you know their other clients
away where you know their other clients
away where you know their other clients may drag them out i’m paying on time you
may drag them out i’m paying on time you
may drag them out i’m paying on time you know as soon as i get the invoice even
know as soon as i get the invoice even
know as soon as i get the invoice even earlier than when they say it’s due
earlier than when they say it’s due
earlier than when they say it’s due because they’re going to love working
because they’re going to love working
because they’re going to love working for me and then if i have a big problem
for me and then if i have a big problem
for me and then if i have a big problem if I need them which is going to happen
if I need them which is going to happen
if I need them which is going to happen eventually with different suppliers then
eventually with different suppliers then
eventually with different suppliers then they’re going to jump on the ball and
they’re going to jump on the ball and
they’re going to jump on the ball and want to help out whatever way they can
want to help out whatever way they can
want to help out whatever way they can because they want to keep the business
because they want to keep the business
because they want to keep the business they love working with me it’s not
they love working with me it’s not
they love working with me it’s not always possible to play on your cash
always possible to play on your cash
always possible to play on your cash flow situation but I try to make us work
flow situation but I try to make us work
flow situation but I try to make us work as much as i can because it really wins
as much as i can because it really wins
as much as i can because it really wins the loyalty of those smaller guys
the loyalty of those smaller guys
the loyalty of those smaller guys because you really feel it you feel that
because you really feel it you feel that
because you really feel it you feel that they appreciate the business and it
they appreciate the business and it
they appreciate the business and it really impacts him if you stretch out
really impacts him if you stretch out
really impacts him if you stretch out those payments if it’s a big company
those payments if it’s a big company
those payments if it’s a big company they’re not gonna care right you try to
they’re not gonna care right you try to
they’re not gonna care right you try to stretch it as well as long as you can
stretch it as well as long as you can
stretch it as well as long as you can because you’re not really going to have
because you’re not really going to have
because you’re not really going to have an impact on their business they won’t
an impact on their business they won’t
an impact on their business they won’t they won’t act any faster if you have a
they won’t act any faster if you have a
they won’t act any faster if you have a crisis if you pay them right away or not
crisis if you pay them right away or not
crisis if you pay them right away or not you don’t have a strong relationship so
you don’t have a strong relationship so
you don’t have a strong relationship so they’re not going to be impacted as much
they’re not going to be impacted as much
they’re not going to be impacted as much so I say try to negotiate as great a
so I say try to negotiate as great a
so I say try to negotiate as great a deal as you can with the bigger
deal as you can with the bigger
deal as you can with the bigger companies but the little guys are try to
companies but the little guys are try to
companies but the little guys are try to pay
pay
pay you can hope for the helps answer your
you can hope for the helps answer your
you can hope for the helps answer your question I’d love to hear what you guys
question I’d love to hear what you guys
question I’d love to hear what you guys have to think if you want to leave a
have to think if you want to leave a
have to think if you want to leave a comment in the video or you have your
comment in the video or you have your
comment in the video or you have your own thoughts or your own question please
own thoughts or your own question please
own thoughts or your own question please leave a comment and if you like the
leave a comment and if you like the
leave a comment and if you like the video please give it a thumbs up I love
video please give it a thumbs up I love
video please give it a thumbs up I love seeing those come in and it makes me
seeing those come in and it makes me
seeing those come in and it makes me want to do more of these videos for you
want to do more of these videos for you
want to do more of these videos for you guys so thank you and we’ll see you on
guys so thank you and we’ll see you on
guys so thank you and we’ll see you on the next episode
”
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