As we jingle all the way into the festive season, it's time to sprinkle some financial cheer on your business to dodge the dreaded cash flow Grinch. We get it, waiting for those invoices to jingle all the way into your bank account can be stressful, especially when everyone's taking a break. But fear not! Here are some egg-nog-worthy tips to keep the cash flowing and your business festivities in full swing:
1. Forecast your income and expenses during this period. This doesn't need to be convoluted or overly complex as sometimes simple is best. Take actions now to improve income and payments or decrease or defer expenses where necessary and find further funding now if required.
How you ask? ....
2. Invoice as soon as you can, don’t defer till just before Christmas or when you return from your break
3. Follow up payment based upon your payment terms. This could be as simple as setting up auto-reminders through your accounting software
4. Make payment as easy as possible by providing multiple payment options and utilising online payment platforms
But wait, theirs myrrh 😊
5. Don’t go on a spending spree over this time, keep expenses to essentials (we know this bit is hard as there are so many shiny, sparkly things you could buy)
6. Keep inventory at optimal levels (if you have it) to avoid tying up excess cash. If possible, implement just-in-time inventory practices to minimise storage costs.
7. And last but not least, Seek professional advice if you need it (wink, wink, nudge, nudge) as we are here to help, pinky promise
Taking action now will ensure your business sleighs through the season stress-free. And heed this warning: if you don't, yule be sorry! (pun intended 🤣)
Wishing you all a Merry Christmas filled with laughter, joy, and a cash flow that jingles all the way! 🎉
PS. Feel free to reach out if you have any questions or if you just want to share a good Christmas pun, cos we are ALL IN to those 😆
Disclaimer: The information provided is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice