business transaction handing over money

7 tips to improve your business cash flow

Cash flow is the life blood of any business. Therefore, business owners have to be obsessive about managing cash flow.

Now is a great time for business owners to review their credit control mechanisms in their business – to do a bit of “fine tuning” to make sure the cash flow is as good as it can be.

I offer these tips:

  1. Document your trading arrangements (Terms of Trade/Supply Agreements), making sure you properly identify and name your customer.
  2. Make sure your terms of trade are still reasonable – if it’s been 30 days, perhaps you can bring it in to 14 days.
  3. Clearly print your terms of trade on your quote form (not just on your invoice – by then it’s too late!).
  1. Implement a diary system to remind you to follow up promptly the non-payers (and make sure you follow them up!)
  2. For very large amounts of credit insist on “retention of title” provisions or some other form of security which will give you priority in the event that your customer becomes bankrupt.
  3. Never give credit for an amount which you could not afford to lose.

If you need legal help to recover money owed to you, contact our team. There are several “debt recovery” measures which we can implement.

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