So much money in your business gets tied up in inventory or ‘work underway’, and the problem with this, is that the cash is locked away until it is sold. Depending on how it’s sold, you might have the cash locked away, untouchable, for quite a while. So in this week’s tip I want to share with you a number of things I have picked up along the way to help you turn some of those dollars sitting on the shelf into usable cash. Benchmark your current inventory metrics against those in your industry. Your accountant should be able to[...]

In my last post I covered five key strategies to help you accelerate your cashflow by focusing on your debtors and speeding up the process of getting the money that’s owed to you, into your bank account faster. This time I continue with some other great strategies that will support you further in this area. Don’t send out statements – many businesses send out statements at the end of the month thinking that it’s a reminder to those that owe you money to pay. This might work for some, but for many, a statement is simply a reminder that can[...]