Strengthen Your Cashflow5 simple internal processes to help improve business cashflow
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Our top clients use internal processes, products, and management strategies to improve their cashflow.
Here are 5 simple internal processes they use.
- Raise a tax invoice as soon as possible after the job is complete. Waiting until the end of month delays when your customers pay you.
- Reduce payment terms offered on your tax invoices Consider a payment due date of 7 days rather than 30 days.
- Consider using debt for small capital items that can be financed instead of paying in full from cash flow Small capital items quickly add up over the course of a year which is cashflow you cannot readily return.
- Complete background, reference and credit reporting bureau checks on new customers. This ensures you are dealing with a reputable client, and they will pay you once the job is complete.
- Consider the importance in paying your debt providers first. Maintaining a healthy repayment history ensures future debt facilities are available to assist business growth.
Want to know more? Get in touch with our team today. Click here to complete an enquiry form or call us on 1300 000 657.
MKP Group
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