Top 10 Cash Flow Tips

1. Document and adhere to your terms of trade. Display them in your shop and/or on your website.

2. Invoice as soon as you can. Also email or fax to your customer, no slow snail mail.

3. Ensure a deposit is paid on large items or items that need to be specially made/ordered.

4. Accept eftpos and credit cards and use internet banking daily.

5. Monitor your debtor reports and follow up regularly. Consider undisclosed factoring for clients that regularly pay slowly- talk to a finance broker who understands business finance, not just home loans.

6. Use a bank overdraft but don’t fall into the trap of using it for capital purchases.

7. Consider joining a trade organisation such as Bartercard.

8. Ensure all equipment or capital purchases are leased/financed/rented rather than purchased out of cash flow.

9. Go green. There are many ways saving the environment can save you & your business big dollars. We have saved hundreds of dollars just by changing one of the processes in our office.

10. Seek help, engage an experienced finance broker, business coach or accountant for assistance.