{"id":10568,"date":"2020-02-21T16:22:56","date_gmt":"2020-02-21T16:22:56","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=10568"},"modified":"2020-02-21T16:22:56","modified_gmt":"2020-02-21T16:22:56","slug":"best-practices-to-manage-cash-flow-in-2020","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/best-practices-to-manage-cash-flow-in-2020\/","title":{"rendered":"Best Practices to Manage Cash Flow in 2020"},"content":{"rendered":"
\"\"
Best Practices to Manage Cash Flow in 2020<\/figcaption><\/figure>\n

Maintaining liquidity can be a challenged for smaller businesses run by experienced decision-makers. When the cash can\u2019t flow properly, the business can\u2019t function properly \u2013 and things rapidly deteriorate from there. In much the same way as a lack of oil can cause an engine to grind itself to death, a lack of cash can spell the end of a business.<\/p>\n

Managing proper cash flow, therefore, is a skill that every entrepreneur should take seriously. But exactly how can we ensure that cash-flow is kept at a satisfactory level? Let\u2019s take a look.<\/p>\n

Getting a Loan<\/h2>\n

Using debt to finance a profitable venture isn\u2019t just viable \u2013 it\u2019s advisable. If you weigh the cost of your lack of liquidity against the cost of securing finance, you may find that the former grossly outweighs the latter. In this case, getting a loan is a sensible move. Modern businesses are spoilt for choice when it comes to lenders; as well as the usual high-street suspects, there\u2019s a wealth of options available online, from lenders regulated by the FCA<\/a>, but which can be more competitive than their high-street rivals. You\u2019ll even find bad credit business loans<\/a>, for borrowers who credit history isn\u2019t all that it might be.<\/p>\n

Reign in Spending<\/h2>\n

If you\u2019re engaged in profligate spending, almost by definition, you\u2019ll end up with less cash to play with than you otherwise would have. For this reason it\u2019s important to pro-actively review spending in order to identify potential areas of waste.<\/p>\n

Have a procedure to chase up payments<\/h2>\n

Non-paying clients can put a severe strain on your business\u2019s ability to function \u2013 even if there are just a few of them. While it\u2019s often impossible to outright eliminate this problem, you can minimise it by having an effective procedure in place for escalation. That way, you customers will have an incentive to pay promptly, and your staff will know exactly what to do to chase up without having to be told from the top-down.<\/p>\n

Make it Easier to Pay<\/h2>\n

Nowadays, customers expect to be able to pay for the services and goods they need in a variety of ways. PayPal<\/a>, mobile payments, Debit\/Credit cards and BACs are all options \u2013 as is cash. The more convenient you make it for customers to pay you, the more willing they will be to do so \u2013 and the less time you\u2019ll spend worrying about having to chase up.<\/p>\n

This is an article provided by our partners\u2019 network. It does not reflect the views or opinions of our editorial team and management.<\/b><\/p>\n

Contributed content<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Maintaining liquidity can be a challenged for smaller businesses run by experienced decision-makers. When the cash can\u2019t flow properly, the business can\u2019t function properly \u2013 and things rapidly deteriorate from there. In much the same way as a lack of oil can cause an engine to grind itself to death, a lack of cash can […]<\/p>\n","protected":false},"author":7,"featured_media":10569,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[3585],"tags":[3468,3711],"acf":[],"yoast_head":"\nBest Practices to Manage Cash Flow in 2020 - OpenBusinessCouncil Directory<\/title>\n<meta name=\"description\" content=\"Managing proper cash flow is a skill that entrepreneurs should take seriously. 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