Whilst the festive season is almost upon us, business owners are strating to look towards…
The current credit crisis shows no sign of slowing at the moment, so it’s important that small businesses keep on top of their cash control procedures.
Credit crisis – Tips for survival
We’ve listed 5 tips below which will help you keep on top of your business during these tough times:
- Ensure credit control procedures are working properly. Customers will often pay those who shout the loudest, so, if necessary, make sure this is you.
- Prepare management information – ensure that management accounts and cashflow projections are prepared regularly and are accurate.
- Agree which key performance indicators are relevant for the business and report on these on a regular basis.
- If necessary, monitor and update cashflow projections on a daily basis.
- Send out invoices on a regular basis and where possible agree the invoice amount in advance. One of the most common delays to an invoice being paid is a query over the invoice.
By following these steps, you should stay ahead of the game!
Over the last few months we’ve been working closely with clients to help them survive the credit crunch. If you haven’t already, why not sign up for our newsletter and get our 30 point tough times toolkit.