Tradie Cash Accelerator
The lifeblood of every small business.
There is no bigger threat to the long-term success of a small to medium-size business than cash flow. It can jeopardise the viability of your business and be an obstacle to scaling up with confidence.
You need a strong cash flow with readily available funds to meet essential ongoing operational expenses such as payroll, rent and materials. A positive cash flow means your business is running smoothly and helps you make better plans and decisions.
There are a few main cash flow blockages most businesses encounter.
Any owner or accounts manager knows just how expensive it can be to keep a business going in today’s environment. While the day-to-day costs are essential to keep your business going, they can hurt your cash flow, especially if they start getting out of hand.
Every business should regularly review their expenses and cut back where they can or look for cheaper suppliers – but you don’t want to make any changes that might compromise your business operations and ultimately impact profit.
Poor customer payment practices and late invoices are perhaps the main contributors to problems with cash flow, irrespective of the size of a business. Smaller businesses often have to endure longer payment wait times from larger firms, with late payment stress, on the rise.
Ways to improve late or unpaid invoice situations include tightening up on your credit control and terms and effectively tracking and chasing invoices. Online invoicing tools can also save time and optimise cash flow.
It’s often an overlooked issue but low-profit margins will naturally reduce the amount of cash coming into your business. This often occurs in start-ups as their unestablished reputation can create pressure to sell their products and services too low, especially in a highly competitive environment.
Businesses entering into the market need to be able to offer something that is distinct from competitors. The more unique, the more your service or product will stand out from competitors and the more value your customers will place on it. This, in turn, will drive higher profit margins for your business and secure cash flow.
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At Tradie Cash Accelerator we know that to grow your business, there can be a few hurdles along the way.
Securing funding is one of them and one with which we are here to assist. Finding the right funding on terms that work for you is the key to your success.
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