C2It Commercial Collections’ Emma
Cooksley-Lewis knows how to help SMEs maximise their business potential. Here
are her top five tips for staying out of financial trouble.
1.
Cash flow
Have a clear
understanding and tight control over your cash flow. These are ‘make or break’ issues
for many SMEs. Ensure that you have
adequate resources in place to chase for payments or employ a third party that
can do this for you. Protect your
cashflow!! . Get the best deal for your
business too. Negotiate longer credit terms with suppliers and shorter ones for
customers. Never neglect your bank – you may need its financial assistance and
invaluable advice.
2.
Invoicing
Organisation is imperative when running an
SME, especially when it comes to invoicing. Too many businesses relax once a
job is completed, but remember, it isn’t done until you get paid. As well as posting
invoices, email them too. Apply a read receipt, so there are no excuses about
not receiving the invoice.
3.
Entrepreneurship
Entrepreneurship is a powerful tool for an
SME. Give employees creative freedom to see ideas through to the end. This
allows people to see their ideas become reality and reap the rewards of their
creativity. It also helps you profit from their talent and retain high
performers.
4.
Resilience
Stay disciplined and be cautious with your
income and expenditure. Create safety buffers during profitable times, retain
earnings and develop a planned approach
towards borrowing. This is one of the simplest ways for SMEs to stay out of
trouble.
5.
Sustainability
Create strategies that will help identify how you can sustain your business over the next three years and beyond. Ensure you have the accurate and appropriate financial plans and resources in place to realise your growth potential. Outsource these skills and services if you don’t have them internally.
C2it Commercial Collections helps SMEs
optimise invoice collection, recover debt and manage cash flow.
Ends
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