Few things are as daunting as dealing with low cash flow in the first quarter of the new year. Use the following tips to help you handle the February cash flow crunch.
Get your invoices out before the holidays
Do what you can to keep your cashflow in check before the holidays by sending out any leftover invoices before the holidays and stick to your payment terms.Speed up your debt collection process
Chase up outstanding debt right away to stimulate your cash flow in the short term. In the long term, it can positively impact on your future cash flow.
Reduce your capital requirements
Keep your inventory small by ordering less stock more frequently. Invest in the stock that sells best at this time of the year and focus on those with a higher turnover and margin.
Speak to the tax man
If you're experiencing low cash flow and are faced with a huge BAS payment, speak to the Tax Office. They will happily work with you to secure an extension. ...
It's that time of the year again - time to reflect on your victories and challenges of the year that's ending, and to consider how you want to do things differently in the new year to take your business to the next level. Here are some of our tried and true tips to help you succeed in 2017.
Setting Your Goal
Many Smartbiz owners have a financial goal for their companies, however, $10 million in turnover is not the true goal. True goals are fuelled by emotion. Your company, and the money you make from it merely provides a vehicle to achieve a certain outcome, which is usually very personal.
We are driven by pain and pleasure, and those are the two emotions that drive success. You either want to achieve a goal that will allow you to move towards or away from something.
What drives you? What drives your family? Sit down with your loved ones and discuss what is important to all of you. Put a dollar amount to that private goal, and you will have a starting point to work towards.
Australia's online loans industry is maturing fast, and clients enjoy the convenience of online application, which many lenders offer. However, it takes a special company to stand out amongst the competition. The best way to do that in any industry, is to focus on the client.
Banks and major lending institutions try to do that, but their processes are time consuming and complex - two things that do not appeal to most Smartbiz owners in Australia. These institutions have not adapted with the changing times and consumer focus. Consumers desire a dynamic solution that solves both their current opportunities and future challenges.
The Cambridge Centre for Alternative Finance and University of Sydney Business School Released their Asia Pacific Alternative Finance Benchmarking Report in March 2016, which reported on the significant growth of online alternative finance in Australia. It also found that balance sheet business lending showed a market volume of $120 million in 2015. This is a lending method whereby business borrowers receive finance directly from the ...