Monthly Archives: October 2020

Hot Business News Today

9 steps to help you improve cash flow in your small business

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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

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Hot Business News Today

Banks may call in debt collectors to recoup unpaid Bounce Back Loans

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Originally written by Timothy Adler on Small Business
Banks may outsource repayment of Bounce Back Loans gone bad to external debt collectors because the task will prove too overwhelming inhouse.
The government itself estimates that nearly two thirds of Bounce Back Loans may never be repaid, costing the Treasury £26bn.
Government and the banks are talking about establishing a panel of debt collection agencies that would all follow an agreed code of practice.
>See also: HSBC will not accept any more Bounce Back Loan applications
According to the Times, government officials have already contacted debt collection agencies including Arrow Global to see whether they would chase unpaid Bounce Back Loans. Only when the agency has exhausted chasing repayment would the bank then claim on the 100-per-cent state guarantee.
Lenders say they would have to hire hundreds of staff and build dedicated loan recovery call centres to cope with the volume of bad debts.
Bounce Back Loans are due to start being repaid in May.
Of course, high street lenders have outsourced bad debt collection for years. The collection agency chases the bad loan on a contingency basis, keeping a percentage of any loan repaid as a fee. A large percentage of businesses owing banks money settle immediately once

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