An Appropriate Section In The Statement Of Cash Flows Cash Flow Tips For Your Business

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Cash Flow Tips For Your Business

Here are some effective methods to manage your cash flow;

Do you know what your bank balance is today?

If not, why not? This is the first step to understanding how much money you have. Make it a habit to review your bank balance every day and decide what your income and spending commitments are for the week ahead.

Cash flow is king! – You need to understand what brings cash into your business and what takes it out. Once you have mastered this and now you have point no. is trained to think. 1 then you are well on your way to understanding how to manage your cash flow.

Manage your creditors diligently – never let them exceed your trading terms without contacting them for clarification. Stay on top of this because it’s easy to think you don’t have time or that something else will get in the way. A sale isn’t a sale until the money is in the bank, that’s what I live by. You will spend a lot of time selling, but your efforts are fruitless until you get paid. Follow up on your overdue accounts so the money is in your bank account and not theirs.

Manage your suppliers – If you know your suppliers well, why not negotiate with them to extend your trading terms? If you have a good relationship with them, they will be more willing to help you.

Keep inventory levels down – discard obsolete or slow-moving stock because it’s sitting in your warehouse costing you money.

Create a cash flow forecast – By doing this you may need to take action to see where there is a cash flow surplus or shortfall. It’s best to estimate over 12 months to really see the benefits of exercise.

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