When it comes to doing business, cash is still king.
You might be going viral on social media. Or your sales might be shooting through the roof. But if you don’t have enough cash to reinvest in your growth, it’s just a matter of time before your business fails.
Invoice Right Away
This one’s fairly straightforward: the faster you invoice, the faster you get paid. When you invoice your customer immediately, this makes your life a lot easier. Why? They still remember all the details of your service and they won’t argue with you over the fee.
Fire Bad Customers and Vendors
Have you heard of the 80/20 rule? Eighty percent of your revenue comes from 20 percent of your customers. So focus your efforts on your best customers and stop working with the unprofitable ones.
Look at Invoice Financing
Invoice financing is a way for businesses to borrow money against the amounts due from customers, helping businesses improve their cashflow.
If you’d like to find out more about alternative business finance facilities, we’d love to be able to help. Why not give Regency a ring today on 0161 280 4010, drop us an email at firstname.lastname@example.org or browse our website for more details on how our facilities work.