Steady cash flow is the fuel that powers your business, but when you’re busy doing a million things at once it can easily slip to the bottom of the priority pile. Here are some tips to keep the cash flowing while you’re growing:
- Invoice quickly – good debtor management is crucial, so send invoices quickly, ensure your payment terms are clearly outlined and offer discounts for prompt payment.
- Make it easy – whether you offer mobile, online, credit card or modern POS payment options, make it simple for customers to pay you.
- Take advantage of technology – ditch the paper and take advantage of cloud accounting.
- Be one step ahead – use cash flow forecasting to outline your expected income and costs.
If cash flow is king, forecasting is queen – and making informed estimates doesn’t have to be confusing. Give us a call to chat through your objectives and we’ll help you develop a valuable, detailed and easy to digest profit and cash flow plan so you can confidently stay on track as you grow.
This information does not constitute financial or legal advice and is for general information purposes only. Please contact DLA Partners for specific advice relating to your particular circumstances.