Income 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. Only 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 probably have included a cash flow prediction in your original business plan, may waste this, update it weekly 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 statistics 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 cash flow issues and address them earlier.
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. Nearby reach your customers, existing and new, things are likely to grind to a halt.
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Once you have reached the customers and convinced them to order, make it 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 it; card payments, direct debit, standing order. Make things as easy as possible for people to give your business what it is owed.
When customers don’t spend you will need an efficient strategy in place to recover 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 anybody.
Supplier Management. Use suppliers along with whom you’ve negotiated advantageous payment terms where possible and ensure quick delivery, if every link in the cash flow chain is not working efficiently problems can and will arise.
Manufacturing Efficiency. Even if your customers all pay out 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 maintained and certainly doesn’t have to be a be concerned. If you take care to put the right actions in place early there is no reason in any way that your small business can’t have great cash flow.