2017 is coming to a close and for a lot of industries, particularly those in the B2b sector, business cashflow tends to slow down.
This is caused by the Business slowing down or payments being delayed until after Christmas.
Today I’ll be discussing 7 key ways to boost your cashflow finances this christmas.
1. Increase your spend on marketing.
Your competitors are in the same boat as you, they are looiking for ways to lower expesnse and they often cut back on what drives business.
Marketing increases your presence in the market place and increases advertising efforts when others are cutting back allows you to gain an increase in market share.
2. Thank your clients.
Thank your clients for their loyalty, a statisifed customer will buy again and a thank you will make them feel valued.
If your client is choosing between your invoice or another suppliers invoice to pay before xmas they’ll likely choose the one they feel more loyalty to.
3. Invoice your clients as soon as possible
When the job is completed or the goods have arrived send your clients the invoice right then, dont let your invoicing build up. the sooner you send out and invoice the sooner you’ll get paid.
4. Make it easier to pay.
Use a mobile eftpos, allow clients to pay by credit card, supply direct debit forms. The easier it is to pay the less barriers there are to pay.
5. Review your accounts receivables finances.
Do you have a good accounts receivable system, are reminder letters sent out automatically for later payers? are they being called?
6. Manage your suppliers.
Negotiate better terms, can you get extended terms over Christmas or ongoing? Do you take advantage of your supplier payment terms?
7. Review your working capital requirements.
If you are on top of your Cashflow over before Christmas rolls around then you’ll have a more enjoyable and well deserved break.
If you would like help to increase cashfow this month then call BJ today on 0800 466 231 and we see if Invoice Factoring Solutions based in Auckland but servicing Nationwide can find a solution for you.