Cash flow 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 operating practices right from the start to keep cash moving.
Be aware and forewarned. Only by keeping completely on top of your available cash 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 prediction in your original business plan, have a tendency waste this, update it weekly and don’t ignore systems that can get this to process easier; look at accounting software that incorporates a reporting tool as this will allow you to access the relevant numbers 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 product sales. Go back to your original marketing program and revise your strategy. If 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 cash. 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, standing up order. Make things as easy as possible for people to give your business what it is owed.
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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 one of the best ways to avoid the situation of bad debtors is to run credit inspections before extending credit to anybody.
Supplier Management. Use suppliers along with whom you’ve negotiated advantageous payment terms where possible and ensure fast delivery, if every link within the cash flow chain is not working easily problems can and will arise.
Creation Efficiency. Even if your customers all pay on time and your supplier is pleased 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 or not, cash flow is something that can easily be managed and certainly doesn’t have to be a worry. If you take care to put the right steps in place early there is no reason at all that your small business can’t have great cash flow.