Improve your business's cash flow
The end of the year is a traditional time to take stock of your accomplishments and set targets for the future.
The end of the year is a traditional time to take stock of your accomplishments and set targets for the future. Including an annual business check-up as part of this tradition can help you find efficiencies that may provide you with extra time and improved cash flow.
You’ll need to analyze your current operations using some of the best practice strategies for your operations. Some of the areas where you may find efficiencies are detailed below.
Wherever possible (should competition permit) consider reducing your payment terms to as short a period as possible. Perhaps you can switch to 15 days instead of 30 or, better still, to ‘on receipt.’ Other ways to improve cash flow include:
Find efficiencies around your inventory by:
Tighten up the financial management of your business by:
For more tailored advice on preparing your business for the New Year, remember to reconnect with your Scotiabank Small Business advisor.