4 Ways to Improve the Financial Health of Your Business
Poor cashflow can be the cause of the death of your business
So, how do you improve your cash flow?
We’ve shared our top tips on Cash Flow Management
CUT OUT INEFFICIENCIES
This includes monitoring your overheads to see if you are spending unnecessary money on running your business e.g. Late Payments on Tax Filings
CONTINUE TO INVEST IN PEOPLE AND RESOURCES.
Investing in your business by hiring new staff including and skilled professionals and equipment will eventually lead to greater profits and more money coming into the business.
SPEED UP COLLECTIONS PAYMENTS
This involves encouraging your customers to part with their money before the end of the invoicing period. E.g. Early payment discounts etc.
MAKE PAYMENTS TO CRITICAL SUPPLIERS
If you are unable to pay Invoices as it falls due, making part payments to key suppliers is strongly advised since it helps with the continued relationships with your suppliers and prevent operational strain.
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