Where’s Your Cash Hiding?

Chris Fry looks at some of the key challenges business owners have to face..

Posted by Chris Fry

Finance Director and Business Coach - Chris Fry Consulting Ltd

Mon 08th, Jun

Running a business has many challenges but there’s nothing more stressful than the sudden realisation that you’re running out of cash and may not be able to make payroll. Every business I have ever advised has been sitting on pockets of ‘hidden’ cash. Here are 4 of the easiest for you to get your hands on it.

 

     1. Discretionary spending

The quickest way to improve your cash position is to stop spending the money you’ve got.  And I don’t mean stop paying your suppliers!  Every business has discretionary spend.  The problem is, over time, discretionary spend becomes normalised.  It’s a bit like your Sky+ HD subscription; you might think you can’t manage without it but if you had to cope, life would go on!

 

      2. Prompt Invoicing

Don’t ever be too busy to invoice your customers. If you’re short of cash, you need your customers to pay you.  But before they can pay you, they need you to send them the bill!  Make sure that whoever is responsible for your invoicing understands how important this is.

 

      3. Debt Collection

From many years of practical experience I can assure you that most businesses don’t chase outstanding invoices.  Not for some weeks anyway. Don’t let this be you.  Pick up the phone and get your money in.  It is your money after all!

 

      4. Stock Management

Unless stock is managed proactively it grows. One client of mine had enough surplus stock on the shelves to pay off the overdraft and put cash in the bank!

 

If you’d like to learn more about the hidden cash in your business, visit my 60RUM on 26th June which will give you 10 Immediately Actionable Steps that you can use to improve business cash flow (without recourse to external finance!)

Join Chris Fry on Friday 26th for 60RUM 'Where's your cash hiding?'

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