How to nurse your cash flow back to good health
As we all know, the last few years haven’t been easy for any of us. What haven’t we faced in our experience of the 20s? From pandemics, to war, to inflation, and even scorching first-hand experience of climate change. These past couple of years have been eventful to say the least. And businesses especially have suffered the brunt of it.
Throughout this blog I will be listing a few top tips on how to make your cash flow with ease.
Cash flow forecast
Cash flow forecasting is a great way to maintain control over your cash flow. It gives you a good idea of your monthly ingoing and outgoings so that you can plan you purchasing with that in mind. Read more about cash flow forecasting here.
Take advantage of finance options
Many are unaware of the benefits that financing provides. Finance allows you to keep cash in the business to be used elsewhere. So, whether you need to pay off a tax bill or invest in new equipment for the business, finance is a great way to do this without causing any harm to your cash flow.
We offer affordable financing for corporation tax as well as VAT loans. So instead of paying upfront and in full, we allow you to spread the cost over a period of time.
But it doesn’t stop there, our parent company, WestWon is a well-established provider of asset finance. Leasing is an effective way to obtain the latest equipment without breaking the bank.
Send invoices out ASAP
The quicker you send out the invoice to your client the better. This way, the likelihood of you getting paid on time or even early is increased! Although, it is also important that you have constructed your invoice in a way that is easy for your client to understand. With emphasis on including the date as well as outlining clear instructions on forms of payment.
Conduct customer credit checks
By doing this, you will be able to make better judgement in customers by checking their credit before making that sale. If the customer has a poor credit score you can prepare yourself for late payments and set interest rates accordingly.
Contact Us
Should you wish to explore your business finance options, please give us a call on 01494 956 871. Or send an email to [email protected].
