20 Apr 10 One-Sentence Tips To Grow Your Cash Flow
Cash is the lifeblood of your business.
Here is a collection of tips to help you figure out how to improve cash flow in your business.
These are based on ideas I have learnt and tried out in my own business.
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Now let’s get into the 10 tips.
- Take regular price increases no matter how small it is since it means cash flow growth.
- Monitor your cash position daily, and this will ensure that you understand your cash position and how to grow it is top of mind.
- Create incentives for customers who pay cash at purchase, maybe a discount off the list price, which will improve your cash position.
- Have an account receivables team and have regular meetings on generating more cash flow and reducing the balance.
- Ensure your list price has late payment costs baked in to offer discounts to cash payers without affecting your margin.
- Have monthly and bi-weekly cash flow projections to view what’s coming and going out; this is an effective management tool.
- Increase your accounts payable days to keep cash in your business longer; things like zero interest credit facilities can come in handy.
- Shorten your credit days by using payment plan strategies such as two installment payments every two weeks instead of 30 days of credit.
- Ensure that your invoices go out on time and are error-free to avoid payment delays due to errors or late invoicing.
- Keep an eye on your margins and ensure a strategy is in place to maintain or grow them.
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