3 Simple Ways To Improve Your Cash Flow This Financial Year
As we wave goodbye to the end of the financial year for 2016/2017 and move on to 2017/2018, it is easy to get excited. A new year provides so many opportunities for growth, change and development – what’s not to get excited about! The start of the new tax year is also a great time to plan ahead to maximise your cash flow. Here are three ways to help improve your cash flow this financial year. Change those payment terms to benefit your business Are there changes you can make to your policies to ensure that money comes through the door quicker? Can you ask clients to pay upfront or place a down payment in advance on large projects, so you are not out of pocket? Could you consider changing your terms for payment to ‘in full upon completion’ rather than extending them by another 30 or 60 days upon completion? Requests like this make smart business sense, particularly for small business owners whose cash flow may not be as fluid as they would like. Set up a plan to collect late payments sooner rather than later Naturally, you hope that everyone will pay their bills on time, but sometimes that...
Read MoreManage Your Business With A Cash Flow Forecast
Let’s cut to the chase! If you don’t know how much you have coming in and going out, how can you effectively manage your business affairs? You need a system that can track all the earnings and expenses to minimise any surprises along the way. Failure to plan will only add extra stress. Therefore keep on top of your cash flow with an easy to prepare cash flow forecast. When businesses fail, it is usually down to one thing – lack of cash flow. If your business grows too big too quickly, then cash flow can be strained. You will soon find that the cash which is going out exceeds the money going in. And trust us, that is definitely not a good thing. Many organisations fail to take into account the extra spending that comes with business growth. That can be a huge issue as too little cash flow can be the cause of bankruptcy and permanent business closure. Positive Cash Flow Positive cash flow does not occur by accident. It happens because all the pieces are carefully managed through the cash flow management system. Choosing practices such as regular invoicing of customers is a huge help in...
Read MoreHow to Plan For Business Success As A Creative
While you might think your future business success is dependent on luck, it comes to down to more than that. It requires organisation and planning, much of it behind the scenes to achieve the great success that welcomes instant recognition. Even though you may struggle as a creative to fill those business shoes, know that it is possible. It is never an easy journey from implementation to achievement. However, there are some things you can do to make it a lot less problematic for you and your business partners. Try to remain focused As a business owner, your mind is being ripped from one direction to the next, often without time to take a breath in between. Cash flow, sales, marketing, and customer service – the list goes on and on. Take the time to focus on each thing as best as you can before moving in another direction. It is so simple to be busy without actually achieving anything of any great value. Look at areas where you can make the most impact. Start prioritising to maximise your efficiency, achieve business success and save your sanity. Build plans and strategies Create useful and manageable plans and strategies to...
Read More5 Steps to Create A Lasting Brand
Branding is not just a word which applies to big businesses. Branding needs to be a focus for all businesses – small ones in particular – because when your brand is built upon a solid foundation, it has room to grow. What exactly is branding? Well, it is more than your logo and your corporate colours. Your brand is more than your mission statement and your tag line. It is the sum of all that and more. Your brand is your ideals, your reputation and your principals. It is where you are and where you want to go, all tied up in one pretty big bow. And it should not be ignored. The better the brand, then it stands to reason that the more your customers will trust you. But of course, that only applies if you stick to it. Veer from your brand and you will most likely attract attention because of it – and not all positive. So how can you create a brand to stand the test of time? Know what you stand for Why did you start the business in the first place? Identifying the ‘why’ behind the scenes will allow you to form the...
Read MoreHow To Grow Your Team Successfully
When entrepreneurs start out in business, they spend many long days and nights setting it up, managing the cash flow and trying to grow the business. But it gets to the point where one person cannot do it all. The hard work of all business owners comes at the detriment of their social life, their relationships and their down time and there just never seems to be enough hours in the day to get everything done. When you find that you are juggling the day to day issues rather than thinking creatively about your business, then it is time to make some changes – it is time for you to consider to grow your team. Seek out qualified staff When you get to this stage of your business, it is important that you consider taking on another team member, or even more than one. Qualified staff members are imperative to the growth of your business and are a key part of your business being seen as successful. But before you jump in with your eyes closed, it is important for you to ascertain where you need assistance and whether you are looking at full time or contracted staff. Both...
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