We understand the challenges you face as you start to grow your business. So, to help, we’ve compiled some top tips aimed at helping you maximise your cash flow. Not only will this ensure your business is ready to navigate any times of uncertainty, but also allow it time to grow.
Read our top tips below or you can download a factsheet version here to share with your teams and friends.
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- Get a good accountant
Accountants can provide you with the reliable financial information you need to make key decisions, free up your valuable time, help your business to grow faster and suggest ways to save money. As well as help you pay the right amount of tax, improve tax efficiency, and ensure you meet financial compliance.
- Talk to your bank manager
Having a good relationship with your bank manager or advisor is really important. Ask how they can support you and improve your business whether it’s budgeting or planning for future growth.
- Money, money, money
Check your balance every day, so you can keep tabs on what is going in and out of your account. Doing this allows you to become familiar with your finances and allows you to spot any financial errors or fraudulent activity.
- App-reciate it
Use a banking app if you can. Not only can you check your balance quickly with it, but you can set notifications that will tell you when money is going in your account or when your balance reaches a certain level.
- Good to talk
If you ever need financial support, please speak to your bank and ask for help. You may even need a loan or an overdraft, but always seek reputable advice first and then make an informed decision.
- Buy now, pay later?
Find out if your suppliers offer credit. If so, it will allow you to buy products you need now but pay for them later, but always check and meet the terms and conditions agreed. And remember, when it’s time to pay, don’t be late, as this could affect your credit or you’re your relationship with the supplier.
- Cash collection
Cashflow is vital to your business, so offer different ways for the customer to pay you such as electronic payments or standing orders. Make sure you keep on top of all these transactions, see point 3 above.
- Every little helps
Keep an eye out for grants or schemes that could offer financial aid or support for your business. Always check the eligibility first.
- https://www.gov.uk/government/collections/financial-support-for-businesses-during-coronavirus-covid-19
- https://www.gov.uk/guidance/check-if-youre-eligible-for-the-coronavirus-additional-restrictions-grant
- https://smallbusiness.co.uk/small-business-grants-uk-2548113/
- https://helptogrow.campaign.gov.uk/?gclid=Cj0KCQjw6s2IBhCnARIsAP8RfAhhXrffyL7yYZdxLpV8FcMvBysaYfGGDRJbg369RP591qKcBm20a24aAiMsEALw_wcB&gclsrc=aw.ds
- Get some relief
Find out if you are eligible for business rates relief. Contact your local council to apply for one or more of the various discounts available.
