How do I improve my cashflow?

5 EASY ways you can improve your cashflow immediately....

1. First and foremost, cut costs - go through your monthly bank transactions and get familiar with where your money is going. We often see clients paying for unnecessary subscriptions, which hurt in the long run. Go through each one and see if you really need it - you could literally win back $1000 in ten minutes and inject that cash flow back into your business.

2. Stretch your payments to your creditors: talk to your suppliers and see if you can extend your payment terms. For example, if you have bills due on the 1st of each month, see if you can have them pushed back to the 20th of the month.

3. Send invoices right away: if you don't send invoices you don't get paid. It's as simple as that. Make sure you stay on top of invoicing your customers. The quicker you send invoices out the faster the cash comes in.

4. Follow up with invoice reminders: if your customers forget to pay usually it takes a week to a month before you get paid. Most accounting packages have automated email reminders so make use of these to remind your customers regularly. (Don't forget to mark off your receipts daily). If they still haven't paid, give them a call, this money is better in your bank than theirs.

5. Cashflow forecasting: tracking and forecasting is key to keeping your business alive, as it allows you to predict any changes and adapt to ensure you have enough cash to get through.

Ready to grow your business? Need a hand with any of the above? We can definitely help! Let's grab a coffee and have a chat. 📞 0275347569 or kathy@omsolutions.co.nz to make a time.

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