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Managing Cash Flow Pressure
Even the most successful organisations can experience cash flow difficulties from time to time. Cash flow can often be out of your hands, especially if you’re waiting for slow-paying customers or dealing with unexpected expenses.
Our expert team at The Insolvency Experts can help you determine the best course of action to ensure your business manages its cash flow efficiently.
Solutions for business cash flow problems
In periods of change, a resilient, stable cash flow can reduce the uncertainty surrounding a business.
The golden rule is to deal with problems as quickly as possible to avoid insolvency action from creditors, but what other steps can you take to improve your cash flow:
- Cost Cutting – Looking to cut costs is a simple and effective way to start reducing cash flow problems. Whilst it may seem like an onerous and painful task – every business can identify savings by cutting non-essential costs if it looks hard enough.
- Reducing the credit terms offered to customers – asking customers to pay for their purchases quicker or getting invoices paid faster accelerates cash inflows and reduces your problems.
- Addressing debts – debts can hit a business very quickly and should be addressed rather than avoided. Making sure you have the right credit control processes in place are key to maintaining a healthy cash flow.
- Getting expert advice as soon as possible – Whilst there are many ways in which a business can deal with cash flow problems, the first thing to keep in mind is that cash flow problems maybe an indicator that your business is insolvent and you should seek the advice of an insolvency specialist immediately to establish how you can make funds available to get up to date with your creditors.
Contact The Insolvency Experts
We understand that dealing with business cash flow issues can be a difficult, stressful experience and we’re here to help. For more information on the services that The Insolvency Experts can offer to your business, contact us online today. Alternatively, call our experts on 0300 303 8284.