Cashflow Part 2: Tips to improve your CF
Maintaining a healthy cash flow is very important. Here’s a load of ideas that you can use to improve your cashflow and make it quicker and easier to grow your business and make more profit.
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I focused on the importance of cash flow in the first part of this two part series. In this section I’m going to give you some practical tips and advice that will help you to keep your cash flow moving positively. You should try and implement a couple of these at least to try and ensure you can keep your cash flow ticking along and supporting your business.
For example I’ll share with you a method you can use to make sure your invoices are paid in a more timely fashion. You can also try the cash in advance technique which ensures you will be paid a certain percentage of your fee before you actually begin the work. This is good if your business offers a service to customers rather than a product.
It is also sometimes possible to look for new products that have a more positive cash flow. For example some products are only billed for after they have been sold. Others can be billed for in advance. The latter of the two has a more positive cash flow – simply because you are receiving the payment before you do the work.
Regular payment schemes also work well, and as I explain in the video they can also lead to more work in the long term. This is crucial if you want to develop your business and expand it in the future.
I will also give you another two methods which some companies use to improve their cash flow, although these two aren’t quite as practical as the ones above. It is still worth knowing about them though, which is why I have mentioned them here.
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1 years 267 days ago
The products are only billed for after they have been sold. Others can be billed for in advance. The latter of the two has a more positive cash flow – simply because you are receiving the payment before you do the work...
Thanks...
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James
2 years 17 days ago
I think all of these ideas is good for my business
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