Yet, there are a number of simple ways that you can reduce your dependence on your company’s line of credit and increase cash that you need. Here are five no-cost methods to try:

Increase Receivables Collection Efforts: This is easiest and fastest way to generate cash but, surprisingly, most companies do a terrible job of it. Start by calling all customers whose invoices are between 25 and 30 days old to ensure that they have your bill and to find out when it is scheduled for payment. These are easiest collection calls to make and they often result in faster payment. And, it allows you to quickly rectify problems that may delay your check.

Get Payment In Advance: Another often overlooked technique is to simply ask customers for advance payment, or for a partial payment for goods and services. This approach is especially valid with large purchases, or on work where you’ll incur significant expenses before being able to deliver final product. Most customers will agree to such a request without asking any questions.

Your telecom audit will be much easier to understand (and complete!) when information is organized. By organizing information properly, you will define and focus your audit so task seems much less overwhelming.

The following seven step checklist is what we at TelCon have used for over 30 years when preparing for a client telecom audit and cost-reduction study. Print this newsletter and when you've completed a step, check it off!

Step # 1: List Hypotheses

Savings opportunities and ideas for them will come to mind thoughout audit and analysis process. Chances are you had a few in mind when you decided on embarking on a full-blown audit of your telecom department. These ideas are "hypotheses" to be tested, rejected as invalid, or seriously considered for recommendation/adoption portion of audit that comes later.

Hypotheses will begin to emerge from moment you look at a telecom bill. Write down your initial hypotheses now and continue adding to them as you progress through audit process.

Step # 2: Define Size and Scope of Your Audit

There will be numerous directions your audit may take you, so it is extremely important that you now establish a project scope and focus your efforts to make them more manageable. You simply cannot audit everything at once.

Ask questions to determine you goals. Examples are: Are you concerned with telecom services at corporate headquarters? Field locations? Both? Will you be delving into just interstate long-distance, or will you include intrastate and intralata calling as well? Are you concerned with voice only, or will you be auditing data services too? Will you be auditing only local services, only wireless - or both?

Before you continue, decide now and put in writing exactly what size and scope of your audit will encompass.

Step # 3: Prioritize and Organize

Now you need to prioritize and organize segments of your project. We have found that most projects are too big to handle all at once, so they must be divided into manageable segments for effective study and completion.