Cashflow - The Lifeline of Your Business
From collecting money from clients, to paying your suppliers, your cash flow is one of the most important aspects of your business. A healthy cash flow can either make or break a business, but with almost 50% of small businesses struggling to stay cash flow positive, it is clearly an area that needs work. How well are you managing your cash flow? This is especially important during these uncertain times.
With a well managed cash flow, you will be able to sleep well at night. You know you can pay your bills, staff wages and you can easily and thoroughly plan for up coming costs that will arise such as tax. You will be able to plan your spending and investing more accurately and as a result, you will set yourself on track to growing a healthy and successful business.
However, the problem that we have when cashflow is not properly managed is that you start to nervously wait for client payments just to be able to pay your suppliers, your staff don't have job security and you can't plan for the future. This leads to lack of progression and the potential of having to shut up shop for good.
THIS DOESN'T HAVE TO BE THE CASE!
There are multiple ways of managing your cashflow better and we can help! For example, one of the best ways of having a more positive cash flow is getting clients to pay quicker. With the world being mostly digital now, we can easily send clients invoices online with links to pay there and then via payments services such as PayPal and Stripe - payments are made an average of 19 days faster when using these payment services compared to standard invoicing. Those 19 days could be the difference between having to take out loans and personal money to pay suppliers, or already having the money there in the business bank account when the supplier needs paying. It just makes more sense!
We can prepare a cashflow forecast for you and advise you how to manage your cash during these uncertain times. We are here for you, to help you grow and succeed.
Get in touch today!
01526 557 199