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Ten ideas to improve Cash Flow

Date: 2010-01-01 | Author: Alan Olsen

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anaging cash flow is what separates the good companies to great success. In fact, your ability to control the cash flow of your business can be the difference between profit and loss account.

Here are 10 ideas to improve cash flow:

1. Assess your risk Up Front

When you work without being paid up front, you are a credit. Discuss your procedures for billing your customers at the front. "We expect payment within 30 days, is this a problem?" If so, you need to know in advance and make an informed decision about whether you really want your new customer lending money.

2. Immediately Bill

Customers do not pay for what they have not yet been charged. While many owners believe they have effective procedures for billing, our experience is that late billing is one of the main causes of poor liquidity. You can not bill in time!

3. Bill depth

Confusing provide invoices to your customers can pay you immediately. Also, be very specific about the payment terms and stick to them. If you expect payment within 30 days, the means and details what happens if you do not pay. Do not be afraid to lose business! If you are not yet paid for the work you have done, what's left to lose?

4. Making payments easier

Do you accept credit cards? If not, it's time to evaluate this possibility. Did you join a post-paid envelope with your bill to speed up the payment?

Have you considered offering discounts for prompt payment? When we work with clients, we look at all aspects of their billing process.

5. Collection of your invoices

Are ready for your business to your customers or clients. Unless you really want to be a banker to develop a protocol for your collection effort that begins the moment a bill leaves your company. History has shown that the absence of a protocol for collection development is the main cause of poor liquidity.

6. Cut unnecessary spending

Reduce the money goes. Examine carefully your fixed costs. Look at your utility bills and implement a conservation program. Check your insurance to be sure you are not too assured. How many subscriptions and memberships are really necessary?

7. Carefully time your payments

Review all your bills to make sure you're taking advantage of discounts. We can help you analyze the reductions that are best for you. Delay all non-discounted bills as long as possible.

8. Put Your Cash to Work

First, make deposits every day! Second, before making your bank deposits cease its daily operations (2:00 PM - 3:00 PM). If your mail arrives late, get a PO box to speed up delivery. Finally, the transfer of cash in interest bearing accounts inactivity. Even at 2% or 3%, this amount is added.

9. Evaluate your pay schedule

Remember to change your payroll each week for every two weeks or monthly. Reduce the amount of payroll, in turn, reduces the payroll tax deposits. Think of payroll advances for employees to help curb resistance.

10. Plan Ahead

Without exception, the planning is the most critical aspect of treasury management. Prepare a cash budget based on last year, history, and you can begin to develop a game plan.

Talk to your banker you need money before you have a better working relationship and better rates. If you need assistance in developing a cash budget, or if you want us to introduce you to a banker who understands cash flow, call us today.

Summary

Cash management to risk analysis and requires both short and long term. As a business owner, you know how important it is to maintain your profit margins. This guide was developed to help ensure that liquidity problems should not divert those profits unnecessarily.

Although we present some ideas here, they are general in nature to provide a wide range of knowledge in the management of cash flows. In fact, the cash management to risk analysis and requires both short and long term. We will be happy to develop a specific approach for you and your business.

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