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Apr 2019

3 ways to avoid cashflow challenges

April 3, 2019
Capify Australia

Cashflow is a critical life force of every SME. So it is important to pre-empt and address any potential cashflow problems before they strike. That is why we have put together three top tips to proactively conquer cashflow problems. And for any cashflow problems you do not catch in advance? Well there are Capify small business loans, designed specifically for SMEs and offering fast approvals, fixed daily repayments and minimal paperwork.

 

Tip 1 to conquer cashflow problems: team up with technology

Cashflow management is driven by having the right information at the right time. Technology can be your key partner in achieving this. Bring online or cloud-based accounting systems onboard in your SME and your cashflow forecasting can really be ahead of the pack. Real time visibility of your SME finances is kryptonite to cashflow problems. Perhaps you are concerned about dipping into your SME cashflow to invest in such technology. You do not have to. Put a Capify small business loan to work and you can enjoy that real-time cashflow visibility without sacrificing important cash upfront.

 

Tip 2 to conquer cashflow problems: be discerning with debtors

For SME owners, customers can be the source of either cashflow ease or cashflow risk. Any unpaid debt is cash that could be in your business and should be, but isn’t. So what is the answer? Be discerning when it comes to debtors. Do some due diligence on who is going to owe you money. Talk to industry counterparts, tune into your instincts when you meet customers and use smart processes to support good cashflow health. Favour upfront payment options and progress invoicing then be sure to proactively follow up late payers.

 

Tip 3 to conquer cashflow problems: plan ahead

Forewarned is forearmed. If you already know precisely how to respond to cashflow problems, you will never be caught unawares. So be sure to perform regular cashflow forecasting and continually monitor how your true cash position measures up against your forecasts. Complement forecasting with contingency planning. That way no matter what happens, you will have your strategic next steps already at the ready.

 

Your SME can face any cashflow problems with confidence. Capify small business loans give you the cash you need to really get your SME humming.

 

Or call 1300 760 930 to speak with one of our friendly Lending Consultants now.

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