Originally written by Partner Content on Small Business
One of the most important factors for any business is to maintain a steady flow of incomings and outgoings. As a business owner, you’ll quickly learn that any short-term disruptions could cause longer term problems.
Cash flow problems can sometimes happen, and if you do encounter them, there are some steps you can take to try and achieve a balance again. Keep reading for some basic guidance on how to improve cash flow.
Please note, this should be taken as high-level guidance only and is not financial advice. If you have concerns about cash flow issues, consider contacting an advisor.
9 steps to better cash flow
Forecasting
Knowing when money is going to come into your business, where it’s from and when it’s going to go out is important. Creating a detailed forecast can really help your business to manage cash flow.
Once you’ve done this, ensure that it’s working as well in practice as it did in theory. Make sure your forecast is aligned with your actual figures at the end of each month. And, if necessary, re-forecast. Completing these checks regularly can help you spot issues in advance, identify inefficiencies or see something that was overlooked in