January 24, 2013

Focus Point -Top 5 Cashflow Management Tips for 2013

Changing market conditions will have a direct impact on businesses of any size, but particularly on smaller businesses with fewer liquid assets and on businesses in sectors facing challenges – such as manufacturing and retail. Regardless of the industry you’re in, good cash flow management lies at the heart of running a successful commercial enterprise. In a period of low consumer spending and high business failure, focusing on the following fundamentals will help your business survive in the long run.

  • Forecast cash flow on a monthly or weekly basis to help you identify periods of low revenue and/or high expenes
  • Structure balance sheets in a detailed manner, including inventory, debts and interest costs
  • Collect accounts receivables on time to avoid unnecessary stress towards the end of the payment cycle
  • Pay bills in a timely fashion to foster positive relationships with suppliers
  • Conduct credit checks on new customers before extending credit to them – a client with a good credit history is more likely to pay you on time
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