The 12 tips of Christmas Cashflow

Christmas is traditionally the time of giving, but if you’re running a business, it’s the time of spending. You’ll be paying out holiday pay, there are fewer earning days in December, there’ll be fewer orders and no production with staff away on leave. To make matters worse, the latest research indicates that businesses are taking a month longer than normal to settle accounts.

So Finlease has created the 12 Tips of Christmas for a merry cashflow and a prosperous new year:

1. Offer a discount or incentive for prompt payment of invoices
2. Take advantage of cash discounts others offer you
3. Send out invoices to customers earlier than normal
4. Get your customers to pay you before you have to pay your suppliers
5. Promote products that generate the highest profit and neglect the loss leaders
6. Eliminate any slow moving stock as quickly as possible
7. Send your customers regular monthly statements
8. Phone customers on the due day to remind them
9. Pay bills by credit card wherever possible
10. Get your tax return done now if you expect a tax refund
11. Debtor financing pays up to 80% of invoice within 24 – 48 hours
12. Finlease not only handles machinery finance but debtor finance as well

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