Need to increase your cashflow? Look inside your business first. When you run a small business, you need to know where your money is at all times, not least when times are tough and credit dries up. Here are eight simple lessons to increase cashflow in your business delivered by Calxa Accredited Partner and Cashflow Specialist, Rhys Roberts. Surprisingly the number one source of cash is inside your business.
Simply Look Inside your Business
These eight simple steps are a great starting point:
- Don’t strive to grow sales
- Review your pricing
- Take control of your debtors
- Minimise work in progress
- Don’t buy for profit
- Review your stock levels
- Lower the quality of your offering
- Take advantage of credit terms
How many of these lessons can you apply to your business to increase cashflow? What has the effect on your cash flow been? Read the full article.