The number one problem for the majority of small businesses is cash flow. Some time ago a business friend and mentor told me that it’s not a lack of orders that will usually break a business; it’s a lack of organised cash flow. Numerous businesses, large and small, have failed because of a lack of cash flow; it’s important to get it right.
Here are 7 tips for better cash flow in your small business.
1 Invoice promptly
Many businesses wait until the end of the month to produce all invoices. That might work well in terms of blocking work and admin time, but it means that if your client takes 30 days to pay, you’ll be…
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