Small Business Britain will help all members manage a positive cashflow to support and facilitate their business success
- Forward plan to meet tax deadlines
- Agree realistic deadlines with customers and suppliers
- Provide clear terms and conditions
- Keep accounts up to date
- Focus on financial forecasting
Context
The saying ‘cash is king’ is far from an irrelevant old cliché. In fact, it is the single most important fact for a small business manager to take on board. Positive cashflow is vital to your business. The points listed above will help you along the way. If a business can ensure good cashflow, then it has the solid foundation that is necessary for it to grow and succeed.
Evidence of support
People answering the Small Business Britain Survey were given a broad range of options from which to choose in relation to better managing cashflow. The five below represent those that received a clear majority of support:
- 85% said it is important for a business to keep its accounts up-to-date
- 71% said a business must have clear terms and conditions
- 66% said a business should forecast money in and out
- 55% said forward planning for tax deadlines was key
- 48% said a business must negotiate deadlines with customers and suppliers
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