Ways we can maximise your cashflow
Saving you time and money
Cash is oxygen to the life of your small business and if you are struggling to collect the money you are owed on time, it's easy to sink into the red.
And if you find the financial side of running a business hard to stay on top of, we can help - from tax, VAT and payroll, to credit control, budgeting, planning and projections. We also offer a virtual FD service that is tailored round you to help you maximise your cash flow.
Do get in touch to discuss our packages (click here for more details).
In the meantime, here are our top 10 tips for staying afloat:
- You make your rules - for a bigger order, ask for 50% up front, or issue a pro-forma invoice to be paid before delivery.
- Know your contact - if you invoice a large company, make sure you know who is authorising the invoice, and follow up with them to find out when you will be paid.
- Be persistent - remind the customer when the invoice is due, and then send a firm reminder if it is overdue. Follow up regularly until it is paid.
- Be direct - if your customer has paid late then they are in the wrong. Ring them on their mobile, and don't delay. Do it now!
- Have a good system - if you use accounting software you will always know who owes you and when you are due to be paid. Set up a system of weekly reminders until you receive the money.
- Issue invoices promptly - this sounds obvious, but if you delay your invoice then you are to blame for the customer having extra credit terms.
- Ask for bank payments - credit cards and PayPal are convenient for the customer, but for large amounts the charges can be costly.
- Offer discounts for prompt payment - or alternatively implement an interest charge for late payment.
- Don't rely on just one customer - this can be risky, unless you are a contractor!
- Cash flow forecasts - these help direct and plan in the short and long-term.