|
Looking for ways to boost your business cash flow? Use this checklist to see if you are using best practices to keep the cash flowing.
- Invoice immediately after you deliver goods or services.
- Consider shortening your payment terms — to 30 days from 60 days, for example.
- Offer a small discount to customers who pay their bills early and charge a penalty to those who pay late.
- Do a financial check on new customers before offering them credit. Also check their business references.
- Monitor your receivables on a regular basis and follow up with late payers when appropriate.
- Use your business credit card to pay suppliers.
- Encourage the use of payment cards — allowing you to receive next-day value for sales without having to make physical deposits.
- Work with an accountant to analyze your cash flow.
- Consider a line of credit to cover short-term needs and emergencies.
- Put your excess cash to work in a high-interest savings account.
For more information on business cash flow, read 10 Ways to Boost Your Cash Flow.
|
Get inside Get Growing for business™ and Get Growing for business News - Direct to your inbox
If you're interested in receiving articles like this, expert advice and access to a wealth of tools designed to help get your business to the next level, join Get Growing for business, the online community of business people, just like you. Find out more.
|
|
