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KEYS TO EFFECTIVE CASH FLOW MANAGEMENT (19/02/2020)

Good cash flow the lifeblood of a business and can be challenging at times, especially when you are growing or faced with the unexpected. Here are 10 things to help effectively manage business cash flow.

1.       Always remember cash is king!

2.       Lack of cash flow makes business go bust not profits.

3.       Invoice for your goods and services in a timely and regular manner.

4.       Get paid promptly within the credit terms.

5.       Don’t be afraid to follow up overdue customers.

6.       Offer a discount for early repayment

7.       Negotiate supplier credit terms

8.       Plan well, business plans, this will make you accountable and make decisions on your business.

9.       Have cash flow forecasts

10.   Always have a back-up plan that will provide cash flow when you need it, such as an undrawn bank facility or an invoice discounting facility.

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