Tips for Improving Cash Flow in Your Business

Relevant For:

Business owners and managers looking to enhance cash flow management in their small to mid-sized businesses.

Key Points:

• Develop a cash flow forecast to identify financial surpluses and shortages, aiding in strategic planning and decision making.
• Ensure timely invoicing and follow-up processes to expedite payments, using modern accounting software for efficiency.
• Negotiate better payment terms with suppliers to optimise cash outflows and seize discount opportunities.
• Maintain strong relationships with banks to understand and improve financial facilities and options.
• Keep up-to-date with tax and superannuation obligations to avoid penalties and ensure eligibility for bank financing.
• Regularly review and reduce non-essential expenses and manage inventory efficiently to free up cash.
• Explore new revenue streams and leverage technology to gain real-time financial insights and improve decision making.

Full Article:

There are a few simple steps that business owners and managers can take to improve cash flow and have increased flexibility, greater efficiencies and potential growth opportunities.

These include: