Cash flow forcast
* Ensure you know the payment terms of your customers and suppliers * Ensure you know all the direct debit payments\BACs transfers * Identify payment dates for VAT and PAYE * Identify all suppliers for utilities,telecommunications * Check your balances each day to review forecast * Flex your costs in line with revenues
2.Supplier Negotiation * Get several quotes to compare prices * Ask for discounts on early payment * Negotiable better payment terms with suppliers * Ensure that you have contracts for large supplier * Only pay for goods when due or pay early if discounts are offered
3.Inventory Management * Only buy stock when you have costumer order * Ask suppliers for consignment stock * Ensure you use space effectively to reduce storage costs * Do not set up premises too far away from costumers
4.Costumers * Perform a credit check on large costumers (Experian/Equafox) * Provide discounts for costumers to pay early * Be clear about charging interest on late payments * Provide a contract of service and explain payment terms * Identify the best contact to maintain a strong relationship
5.Order Fulfilment * Ensure costumer orders are worked on as soon as possible * Used scheduling systems to ensure orders are tracked * Quality check goods/services at the point of delivery * Confirm customer is satisfied with the goods/services * Ask accounts to raise an invoice immediately upon delivery * Send invoice with goods/services * Pay staff incentives for good quality,fast order fulfilment
6.Invoicing * Ensure that you invoice immediately after order fulfilment * Make sure that the invoice details are accurate * Make sure you have the right contract name and address * Send the invoice on email as well as the post *