managing cashflow

A Small Business Guide to Managing Your Creditors

A Small Business Guide to Managing Your Creditors

Your relationship with your creditors is a major determining factor in the overall health of your business – get it right, and they can be a valuable friend in times of need. Get it wrong, however, and dissatisfied creditors could spell the end for your business. If you always pay creditors on time, there is rarely a problem. However, late payment from customers, wastage, poor sales, and a million other potential incidents could see your cashflow suffer, and it is in these situations that a good relationship with creditors is crucial. In this article, we cover how to manage your creditors smartly. You will learn how to identify the most important creditors, and how to manage them with a clear, transparent payment policy. We then cover how to deal with specific creditors, including your ban... »

7 Ways Small Businesses Can Avoid Late Payments

7 Ways Small Businesses Can Avoid Late Payments

Running a small business demands juggling sales, customers service, managing staff, bookkeeping and 101 other jobs. Business owners work to their limits to run and grow their firm and the stress can be made much worse when you’re worrying about getting paid for it. Late paying customers has become a massive issue for small and medium business owners, with many owed billions in outstanding payments and being forced to borrow in order to keep cashflow going; whilst chasing late payments and managing the administrative burden also causes a huge strain on resources. So what can business owners do in order to avoid or at least reduce the impact that late payments may have on their business? Here are seven tips to help you keep your firm’s cash flowing: 1. Do your research: Seek busi... »