Managing Cashflow – 10 Valuable Tips.
Following on from yesterday’s post regarding managing cashflow forecasts and how best to keep an eye on your hard earned money we will be concluding the post today with the last few pointers.
‘Cash is king’ – a commonly used business term and one never more pertinent than in today’s business environment where every penny counts. Good business practices enables companies to better plan, anticipate and therefore react when thing s don’t go as planned.
Have a look at the last of our tips below:
6. Whether you use invoices or ask customers to sign a contract make sure you have those all important, ‘Terms and Conditions’ watertight from a legal perspective. There are numerous free online templates that you can use but it may be prudent to pay a solicitor to check over your final version just to make sure.
7. Advertising is vital to most companies especially new ones but by giving interviews or providing information to Trade Bodies, Local businesses, Social Media and friends it’s possible to get free exposure, helping you to spread the word more efficiently.
8. Have in place an organised Bad Debt Procedure. Make sure it is structured, well thought out and that you adhere to it. There will be many online examples that can be used a template.
9. Outsourcing can free up valuable time and potentially money if the right decisions are made. Blog articles, finance, marketing, content writing, sales etc etc. There is almost no end to the different things you can outsource – concentrating on the aspects of the business that are most important to you or that you want to have control over.
10. Interesting, relevant or factual content that can be published on your website or social media outlets can be an incredibly valuable marketing tool. If you write ‘how to’ guides or trade specific articles then if written well enough, they will be seen by others and the information re-tweeted, shared, liked and generally spread throughout the wider web. If you can write well enough then others will spread your information and there’s few more effective marketing techniques!
We hope this helps or generates ideas for you to keep a closer eye on your money. If you have any comments or suggestions please leave them below or if there is anything you would like Easy Offices to write about then let us know and we’ll see what we can do.