Cash flow is king in the world of the small business 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.
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Be aware and forewarned. Only by keeping completely on top of your available cash situation will you be able to deal with any kind of potential problems before they get out of hand. You will probably have included a cash flow prediction in your original business plan, may waste this, update it every week and don’t ignore systems that can get this to process easier; look at accounting software program that incorporates a reporting device as this will allow you to access the relevant numbers at the touch of a button. It is however pointless having instant access in order to great information if you fail to respond to what it tells you. Look for looming cash flow issues and address them early.
Market Effectively. One potential reason behind poor cash flow could be stagnating product sales. Go back to your original marketing program and revise your strategy. Nearby reach your customers, existing and new, things are likely to grind to a halt.
Easy Payment. Once you have reached the shoppers and convinced them to order, allow it to be as easy as possible for them to part with their cash. User-friendly systems like telephone and internet ordering are a must and if there is a way to pay accept this; card payments, direct debit, standing up order. Make things as easy as possible for individuals to give your business what it is owed.
Credit 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 bad debtors is to run credit checks before extending credit to anyone.
Supplier Management. Use suppliers along 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 smoothly problems can and will arise.
Manufacturing Efficiency. Even if your customers all pay on time and your supplier is pleased to wait for payment for months, cash flow problems 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.