Cash flow is king in the world of the small company and unless you are particularly thinking about using expensive forms of credit it is probably a good idea to adopt good operating practices right from the start to keep cash moving.
Be aware and forewarned.
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Only by keeping completely on top of your available money situation will you be able to deal with any potential problems before they get out of hand. You will likely have included a cash flow forecast in your original business plan, avoid waste this, update it every week and don’t ignore systems that can make this process easier; look at accounting software that incorporates a reporting tool as this will allow you to access the relevant statistics at the touch of a button. It is however pointless having instant access to great information if you fail to react to what it tells you. Look for looming income issues and address them early.
Market Effectively. One potential reason behind poor cash flow could be stagnating sales. Go back to your original marketing program and revise your strategy. Should you do not reach your customers, existing and brand new, things are likely to grind to a stop.
Easy Payment. Once you have reached the shoppers and convinced them to order, ensure it is as easy as possible for them to part with their money. User-friendly systems like telephone and internet ordering are a must and when there is a way to pay accept this; card payments, direct debit, standing up order. Make things as easy as possible for people 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 among the best ways to avoid the situation of poor debtors is to run credit inspections before extending credit to anybody.
Supplier Management. Use suppliers with whom you’ve negotiated advantageous payment terms where possible and ensure quick delivery, if every link within the cash flow chain is not working smoothly problems can and will arise.
Production Efficiency. Even if your customers all pay on time and your supplier is happy to wait for payment for months, cash flow issues will surface if you don’t get paid whatsoever because you haven’t delivered. Assess the quality of your product regularly and maintain stock quantities sufficiently.
So , king delete word, cash flow is something that can easily be handled and certainly doesn’t have to be a get worried. If you take care to put the right actions in place early there is no reason whatsoever that your small business can’t have excellent cash flow.