Cash flow tips for your business

Cash Flow is crucial to the survival of your business, remember CASH IS KING..!

I'm going to share with you tips that will improve your cash reserves, or at least provide you with the ideas needed to manage it when times are tough.

I use these tips myself in the companies I work for and consult to, so I know that with a little attention they will also work for you.

• Review your bank account balance daily, know what you can and can't do with that balance.
• CASH IS KING...! - If you have it, you have options.

• Generate your sales invoices on a regular basis, daily or every second day at least.
• Keep up your administration. Enter supplier invoices daily in your accounting software program.
QuickBooks Solutions For Your Industry
• Review your trading terms, do you know what they are? do you need to reduce them from 30 days to 14 days?
• Accept deposits or part-payments for goods at the time of order. This is a great way of keeping the cash coming in.
• Invoice discounting can be a great way of immediately releasing cash into your business. Look at what it is and how it can benefit you today.
  Invoice Discounting
• Monitor your outstanding credit sales diligently. a sale is not a sale until the cash is in your bank account..!.
• Negotiate your trading terms with your suppliers, extend them if you can. It doesn't hurt to ask if your relationship with them is good.
• Inventory - don't keep excess stock levels unnecessarily. Remove slow moving or obsolete stock from your shelves, 80% of your sales come from 20% of your stock so make sure you have adequate levels of it.
• Sign up for a merchant facility, taking customers payments by credit card is a quick and sure way of ensuring money is in your account on time. I recommend the following cards, and setting up is easy.

Visa credit cards - Find the best Visa card - compare offers side by side.

MasterCard

Find the best Mastercard - compare best offers for Mastercard.

Are you experiencing difficulty collecting your outstanding debts from your customers? Don't despair; check out these ideas that will get your money coming in faster!

Here are some articles for further reading on cash flow management.