Get paid faster
Cashflow can be a struggle. As a business owner, you probably know this better than anyone. We’ve included a few tips to help you improve your cashflow, but we can also help you on a regular basis. Please get in touch if you want to find out more.
Understand and shorten cash cycles
It’s important to understand your business’ cash cycle. Are you like a hairdresser, that sees cash coming in daily, or are you on a seasonal cycle that sees fluctuating sales during winter and summer?
You don’t want long periods of time when you go without cash as it can lead to all sorts of problems.
Here are our tips for you:
- Try to get paid on the spot – offer customers mobile payment options if you can.
- Encourage early payment – if you still need to invoice, do it early. Don’t wait for the end of the month. You can even provide incentives to customers for early payments.
Consider these tried-and-true methods to improve your cashflow:
- Reduce costs – look at ways you can cut costs. Maybe change electricity providers, get rid of unused equipment or outsource time-consuming tasks like payroll. Costs slowly creep up over time, but we can help you stay on top of them.
- Review your pricing – it might be time to increase your prices, as it widens your margins and frees up cash for business growth.
- Manage debts – if your customers owe you money, the faster you’re able to collect it, the better. You want to reduce the chance of bad debts and pressure on your business’s cash flow.
We can help you get paid faster
These are some basic tips to get you started but we really encourage you to have a chat to us to find out how we can help you implement these strategies and assist with your cash flow on a regular basis.