Owning a business is tough. It can be difficult waiting for receipts to clear. You may find you’re spending all your time trying to chase profit and leads, and neglecting your cash flow.
Insolvency practitioners, Hudson Weir, see a large amount of companies struggling to meet their monthly outgoings.
By following their simple steps you can ensure you have your cash flow under control in order to manage your business efficiently.
Project your cashflow
A detailed forecast will help you plan ahead, and, if done correctly, will allow you to estimate turnover on a weekly, monthly and yearly basis. You may identify trends in your cash flow, such as quiet or busy months depending on the type of business you have.
Make use of equipment financing
If you have cash flow problems it can help to stagger payments.
Say, for example, you need to buy a photocopier. Paying £200 a month rather than a lump sum of £3,000 can help you negotiate your way through stickier periods.
Boost repeat business
It can cost up to 5 times more to attract new customers than to keep an existing one.
You can encourage repeat business by making your customers feel loved. Try birthday deals and marketing emails to keep you in mind.
Payments
Enforce your payment terms and ensure that all your invoices are paid, overdue fees can help with this but and even better way of ensuring your cash flow can be through an invoice finance facility. This is where we can step in and take away that headache.
If you’d like to find out more about alternative business finance facilities, we’d love to be able to help. Why not give Regency a ring today on 0161 280 4010, drop us an email at lynnew@regencyfactors.com or browse our website for more details on how our facilities work.
If you’d like to find out more about alternative business finance facilities, we’d love to be able to help. Why not give Regency a ring today on 0161 280 4010, drop us an email at lynnew@regencyfactors.com or browse our website for more details on how our facilities work.
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