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9 ways to improve cashflow in your business! July 11, 2008

Posted by businessgrowthmastery in Entrepreneurial, Financial Management, Leadership, Mastermind Group.
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Of all the business tips I’m asked about, one of the most frequest realtes to how to improve cashflow. As you will realise, cash is king – without it, you’re dead! So it is vital that you implement a structured approach to improving the cash position within your business.

Incidentally, my response to the question is to point clients in the direction of the “9 steps to improving cashflow” – see below;

Implement the following 9 ideas to improve the cashflow within your business;

1. Use cashflow sales checklists.

For sales people, get them to ask every single customer to make another add-on purchase with the one they’ve already made. A great way to do this is to have a shopping checklist of what the customer could buy.

2. Use cashflow payment checklists

. For your administration team. Have a checklist of your customers and when their payments are due. Set up reminder e-mails/SMSs/and faxes for each customer to ensure their payment is received on time…. Read more

 

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5 strategies to improve your cashflow June 12, 2008

Posted by businessgrowthmastery in Entrepreneurial, Financial Management, Operations.
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One of the biggest challenges that businesses of all sizes face, is maintaining a healthy cashflow.Although I said that businesses of all sizes face this challenge, the ones that feel this challenge the most are typically SMEs.

It can be more difficult for smaller businesses to manage cashflow as they are usually dealing with smaller amounts and ensuring that sufficient money is available to pay suppliers and salaries can put a major strain on even the most successful business. This strain is often felt the most by the owner manager!

Many businesses focus on increasing their sales and profits and often fall into the trap of forgetting about cashflow. If you are making lots of sales and profits, then there will surely be plenty of cash available in the business, right?

Unfortunately, no, it isn’t right!

One of the main reasons businesses fail is poor cashflow. A business can survive for a long time with making a loss as long as they have sufficient cash, but they can’t survive without cash even if they are making good profits.
If you are not sure why cash and profit can be so different, please get some support

 

BGM Mentor Services

can provide you with professional FD level support that will help you with this and many other challenges faced by growth businesses.Ever heard the phrase – Cash is King?

When it comes to running a business, there isn’t much more closer to the truth. Effective cash management is vital to ensure that your business can survive and thrive.

So how can you manage and improve your cashflow? Here are my top 5 tips to help you along the way….

 

 

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