Press Release Summary = Since good cashflow management is of paramount importance to businesses success, Onstop.co.uk has compiled a list of tips to help companies them manage their cashflow effectively
Press Release Body = Onstop.co.uk was set up to help businesses facing cashflow problems as a result of late payments. It recognised the fact that the majority of small businesses who get into debt in their first year do so because their customers do not pay them on time.
Onstop helps its members to encourage prompt payment and where necessary intervenes on their behalf to chase unpaid bills.
Since good cashflow management is of paramount importance to businesses success, the organisation has compiled a list of tips to help companies manage their cashflow effectively
1. Ensure that you track your income and expenditure carefully. This will enable you to see easily who owes you money, and whether you are spending more than you can afford to. Keeping an invoice book and records of payments will help you to do this and they can be set up simply on an Excel spreadsheet.
2. Budgeting carefully is essential. This will ensure that you do not spend more than you can afford to.
3. Customers that pay promptly are like gold dust! Try and build a good relationship with such businesses. After all, it is much easier to look after an existing client than to find a new one!
4. Do you know what your break even point is? A break even point is the point at which your income and expenditure are balanced. In other words, if your income is higher than your expenditure you are in profit. If it is lower than your expenditure you will be making a loss.
5. Although it might seem sensible to do so it is not advisable to pay your bills before they are due. However, do pay them on time in order to preserve your good reputation and to enable you to negotiate good payment terms.
Web Site = http://www.onstop.co.uk/cashflow-management.htm
Contact Details = OnStop Limited Enterprise Way Airedale Business Park Keighley Road Skipton United Kingdom BD23 2TZ
2012
