Make cash flow your tool for success
Poor cash flow management is one of the leading causes of small business failure, yet it's also one of the least understood aspects of business performance. This short video can help you to understand how you can manage your cash flow more effectively.
Cash flow is the dynamic, changing flow of revenue into your business and money going out. To keep your business healthy, you need to consider the following:
- forward planning – regular forecasting and monitoring to make sure you know when money is coming in, and when invoices and salaries need to be paid
- efficient accounts management - make sure your outstanding receivables are under control
- a range of simple options for making invoice payments.
If your clients aren't paying you on time, you're effectively giving them a discount.