Managing cash flow is one of the most important things you need to do as a business owner. But the chances are you’ve not started a business to spend your time keeping track of money. We want to help make it easier with some help on how to manage the money flowing in and out of your business.
Late payments can have a huge impact on your cash flow but all businesses have rights when it comes to protecting themselves. The Office of the Small Business Commissioner was set up to help you, and with them we’ve pulled together some top tips on how to effectively deal with problem payers.
Why cash flow management is important
No matter what you sell, whether it’s products or services, cash flow management can be the difference between success and failure. It means tracking the money coming into your business and monitoring it against outgoings such as bills, salaries and property costs. To give you more control over your business finances we asked Experian to explain the importance of managing your cash flow.
10 ways to boost your cash flow management
Experian have shared their ten simple tools SMEs can use to help tackle some of the cash flow problems a business might experience. You can start to put these into action straightaway, or speak to your accountant for more help.