Get on top of your cashflow situation
Wednesday, January 5, 2011/
The one thing about coming back to work early is that you can get quite a lot done, as the phones are unlikely to be ringing off the hook!
Many people are still on holidays, the streets are relatively quiet and you can always get a good seat on the train.
There is one problem of course – if there are not many people around in your office, it’s unlikely there are many staff working in the offices of your customers. And if you are waiting on an invoice to be paid, that can make life a little difficult.
Hopefully you were awake to the post-Christmas holiday cashflow crunch before you took a break, but now you’re back it’s crucial to take stock of the situation.
Immediately get a feel for your cash position and if it is looking shaky, start to take some action. Chase any debtors with a phone call, and if the person responsible is away, be prepared to hassle a bit to get some answers.
And if it does look like you might be struggling with payments, let suppliers know ASAP. They will probably be very understanding if you’re honest.
Get it done – today!