Optimize your internal processes: make sure your finance is paying invoices on time, but not early. Many pay invoices as soon as they are received, even if there are 30 days to make payment with no fees or consequences.

Negotiate with suppliers: Ask if you can extend payment periods (e.g. from 30 days to 45), or if your suppliers can offer a discount for on-time or early payments.

Always check for hidden costs. Late fees are an obvious cost to watch out for. However, making late payments can damage critical relationships with your suppliers, which has a hidden cost to your business.

Less Uncertainty: Better predictions of what your customers need and when they will need it. Look at historic data, industry trends, and forecasting tools to get a better grasp of the unknown future.

Deliver Faster: Improve reliability and delivery time of your own suppliers with strong agreements, lining up faster alternates (even if they are more expensive), and aligning incentives.

Align Inventory to Strategy: There are different business models that can help you align your inventory to your business strategy - whether that means maintaining a service level, optimizing profit, or being the most responsive to customer demands.

If it's possible in your business, require payment up-front

Ask your customers. They may have feedback or win-win processes to pay sooner (such as timing invoices with payment cycles)

Incentivize customers to pay sooner, such as with early payment discounts

Prioritize (and target) customers with healthy payment habits, such as with a customer segmentation

Invest in Accounts Receivable automation (which automatically sends customers reminder e-mails, tracks payments, and escalates)