10 Steps To Success in 2012 – Step 8: Cashflow

10 Steps To Success in 2012 - Step 8: Cashflow

Cash is the biggest killer of businesses – large and small. Lack of cash within a business (or extensive borrowing and the inability to repay it) cuts off the lifeblood within an organisation and ultimately will lead to its failure. Knowing what cash is coming in and out of your business and when is essential. Invoice regularly – there is no need to wait for the end of the month and chase invoices before they are due. 

Doing this ensures there are no issues that would prevent payment, that you are on the payment run and to keep your bill in the mind of the debtor – sometimes it’s who shouts the loudest gets paid the soonest. 

Manage relationships with creditors and negotiate better payment terms that benefit your business. Have a cashflow projection that looks forwards not backwards, so you can manage bills that will become due in the future; like VAT for example. 

(Download a free cashflow template)

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