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Identifying and avoiding cash flow problems

News Summary:

Nothing troubles small businesses like managing cash flow. If you don’t get the money you are owed, you may not be able to cover your outgoings or plough money back into growing your enterprise. This can be even more of a worry if profit margins are small.

News Content:

considering these points will help you in identifying and avoiding cash flow problems.

1. Disorganised bookkeeping

 The best way to avoid this is by being meticulous about bookkeeping and by monitoring your accounts on a regular basis. If everything is tidy and organised, this will help you to get a clear picture of your firm’s financial position.

2. Late payment

Late payment can be a source of continual annoyance for small companies. Not getting paid on time can lead to cash flow issues, which can prevent growth – or even risk putting you out of business.

As a small business owner, you need to prioritise prompt invoicing and make it as convenient as possible for customers to pay you.

3. A dip in business.

If sales take a plunge, this can mean a sudden drop in income, which can wreak havoc with cash flow. To avoid getting stung, you need to keep a close eye on sales and monthly income. If you see an unusual pattern, you can take steps to try to avoid a fall in cash flow. 

4. Overtrading

If you take on more business than you can fulfil, there is a risk that you fail to deliver – or deliver work that is substandard. This can give the customer an excuse not to pay and could potentially mean a lost contract.

5. Having too much debt

If you have a lot of debt in your business, this can become costly and start eating into profits. It could also put a black mark on your credit record.

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