As in nature where the sun is vital for life and growth, so cash flow is essential to the life and growth of your business. It is the oil that lubricates the cogs of industry. In a recent survey conducted for Small Business Week to identify major areas of stress for small business owners, it concluded that small business owners struggle to maintain adequate cash flow. In fact, of the small business owners polled, managing cash flow is the main stress producer (43%), coming in well ahead of the next stress producer at (29%).
Considering its significance to business, and to the emotional wellbeing of business owners we thought we would share some great tips by RBA member Scottish Pacific Business Finance Ltd on how you can put the flow back into your cash flow with these 5 simple tips.
- Effective Cash Flow Forecasting
- Debtor Management
- Flexible Working Capital Facilities
- Supplier Payment Terms
- Stock Management
Another great Article by by Greg Sheehan of Rightway Limited– Forecast your cash flow and plan ahead that focuses on 5 keys areas that affect cash flow which you need to understand. Read The article here
Cash flow is the lifeblood of a business – it keeps the businesses heart pumping. Without cash, profits are nothing. We Hope you have gained value. Please share your thoughts and suggestions on what has worked for you in the comments below.