It’s estimated that over 60% of Australia’s small businesses stop operating within their first three years. All too often, this comes down to money and cash flow mis-management. As a small business owner, keeping on top of your finances should be your number one priority. Our cash flow tools for your business will help keep you on track – here’s how:
Tracking your cash flow and planning ahead is essential, whether you’re in hospitality, retail, professional services or a trade.
Effectively managing your cash flow means taking the time to forecast how much money your business is expecting to receive, and required to pay, over the coming days, weeks and months. Having a clear picture of this can help you manage (and prevent) cash flow issues.
Our FREE Cashflow Plan is a quick and easy solution to your cash flow forecasting needs, featuring:
- A simple method to achieve positive cashflow every month
- Insights on your monthly incomings and outgoings
- How to plan ahead and avoid financial stress
Finally, some basic principles of cash flow management are as follows:
- Create a business budget and keep your books up to date
- Avoid impulse buys
- Keep personal accounts separate
- Introduce effective stock management processes
- Grow a cash reserve and build it into your cash flow plan
- Invoice promptly and have clear payment terms and conditions
- Be wise with your marketing efforts, know where to find your customers so you don’t overspend
- Make informed hiring decisions
- Seek professional advice from your accountant to understand more deeply how cash flow is impacting your business
Are you struggling to manage your business cashflow? We have something that can help. Download our FREE Cashflow Plan to get back on track!