Paul Murray is an recognised internet entrepreneur who has set up YouTractor.com which offers 1,000 of used tractor for sale and agriculture tractors
Cashflow is the life blood of any business. With little credit available from the banks preserving and the releasing of cash in a business has become a key objective for many entrepreneurs and small businesses, says Paul Farrell, Partner, W.O. McGrory & co the Drogheda based Taxation Services Accountants in Drogheda firm.Paul explains [*CO]'For any businesses, cash has usually been a priority. The advantages of effective money management and cost reduction are apparent, but never way more than right now.
'We've assembled a list of 5 straightforward paths to help companies unlock cash in these recessionary times. Some may appear basic commonsense, but surprisingly can often be overlooked in favour of much more complex money-saving initiatives.'
Customers - Keep in more regular touch with your customers. Pay particular notice to those already outside agreed credit limits. Make sure that overdue accounts are chased quickly, but fairly. Consider offering improved prices or bulk deductions in order to reduce stocks without damaging the trading relationship.
Suppliers - talk to them, debate extending payment terms. Whilst they are likely to be under pressure too, if you are a trustworthy buyer with a good payment history, they could be prepared to momentarily relax payment terms.
Bank Financing - Keep conversing with your bank. They detest surprises so keep them informed and don't be scared to discuss extra funding if you have got a plan or an immediate need, but always think ahead;
System Review - did you know how your business is essentially run from starting to end? Did you know what's occuring with every penny in your business, or more importantly, that you have the capability to discover. A good accounting system will pay for itself in almost no time. There are now wonderful deals on accounting software to help in this regard.
Costs/Overheads - are there areas of the business that fat that may be trimmed? These might not be straight away apparent but a review of the business can identify opportunities that won't adversely impact performance ;
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