Income is king in the world of the small business and unless you are particularly interested in using expensive forms of credit it really is probably a good idea to adopt good functioning practices right from the start to keep cash flowing.
Be aware and forewarned. Only simply by keeping completely on top of your available money situation will you be able to deal with any kind of potential problems before they get out of hand. You will likely have included a cash flow forecast in your original business plan, no longer waste this, update it every week and don’t ignore systems that can make this process easier; look at accounting software program that incorporates a reporting device as this will allow you to access the relevant figures at the touch of a button. It is however pointless having instant access to great information if you fail to respond to what it tells you. Look for looming income issues and address them early.
Market Effectively. One potential reason for poor cash flow could be stagnating product sales. Go back to your original marketing plan and revise your strategy. If you don’t reach your customers, existing and new, things are likely to grind to a stop.
Easy Payment. Once you have reached the customers and convinced them to order, allow it to be as easy as possible for them to part with their money. User-friendly systems like telephone plus internet ordering are a must and if there is a way to pay accept this; card payments, direct debit, position order. Make things as easy as possible for individuals to give your business what it is owed.
Credit score Control. When customers don’t pay out you will need an efficient strategy in place to recuperate debts as quickly as possible if you don’t want to end-up in a cash flow crisis, but one of the best ways to avoid the situation of bad debtors is to run credit checks before extending credit to anyone.
Supplier Management. Use suppliers with whom you’ve negotiated advantageous transaction terms where possible and ensure prompt delivery, if every link in the cash flow chain is not working easily problems can and will arise.
Creation Efficiency. Even if your customers all spend on time and your supplier is pleased to wait for payment for months, cash flow problems will surface if you don’t get paid at all because you haven’t delivered. Assess the high quality of your product regularly and maintain share quantities sufficiently
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