CHRISTMAS CASH FLOW TIPS
We’ve all read the posts on cash flow tips over Christmas, it’s when businesses shut down, it’s when you can’t get hold of anyone and it can be the most stressful time of year for business owners.
We’ve narrowed our tips down to three:
- Chase your debtors early, and get a commitment of payment from them. For all those customers who are usually slow to pay, send them advance reminders of when payment is due.
- Review when you will be invoicing leading into Christmas and consider when other businesses will be closing, so you are paid on time.
- Review what you need to pay in January, against your current bank balance. What do you need to do between now and then to ensure you can meet your commitments?
Early work can save you stress over the holiday season, we hope you have a very merry Christmas and a safe and prosperous new year.