(Watch) When You Need More Than A Sympathetic Ear For Your Cashflow Woes
Consider this if you want to get your head above water with regard to cash flow in 2017.
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur South Africa, an international franchise of Entrepreneur Media.
Nedbank Franchising – Head: Card Acquiring Sales & Services
The death knell for any small business is lack of cash flow. You're putting in 16-hour days, worrying about mounting expenses, customers not paying on time and never-ending admin – wondering when you will ever be able to stop worrying. Even successful entrepreneurs whose customer base, revenue and profits are all flourishing will occasionally not have enough cash in the bank.
Consider this if you want to get your head above water with regard to cash flow in 2017:
Leverage your current card acceptance flows to obtain funding that can help and grow your business. Loan finance is often not an option for a small business, so you should consider the cash advances on offer by your financial institution that can be repaid automatically as a fixed percentage of your daily card device turnover. That way, what you don't make, you don't pay.
Free yourself from sleepless nights and the battle to get by using complicated tools to manage orders, customer invoicing, immediate payment acceptance and reconciliation.
Something else to consider is an online presence – it is imperative in this 'always on' world in which we live. Offer your customers the convenience of processing orders and payments from any computer or mobile device when it suits them, so that your business works for you, even when you are not.
These simple tricks can be valuable in your quest to become more efficient and cash flow flush.