Is your business running (financially) well? Keep it like that! But continue to monitor your financial situation closely, so that you can see possible risks. In order to make up for an unpaid invoice, many invoices have to be paid. A few unpaid invoices are therefore enough to cause cash flow problems.
But what can you do to limit your financial risks? Read it below!
1. Start with a plan
In your business plan you indicate which costs and income you expect for your company. Many organizations such as UNIZO, Voka and the social secretariats offer help for this in the form of starter programs and information sessions.
2. Monitor the numbers
Find a good accountant who monitors your financial situation and advises you on major decisions. But also keep an eye on the number yourself. This way you understand more quickly what impact decisions, orders, investments and unpaid invoices have on your financial situation.
3. Keep your ears open
Provide a small reserve. This provides breathing spave if things threaten to go wrong due to, for example, payment problems with customers, a rising exchange rate, raw materials that become more expensive or damage to your stocks.
5. Recover your invoices efficiently
No healthy cash flow without incoming payments. Therefore, keep your DSO as short as possible. DSO stands for Days Sales Outstanding or the average number of days it takes to get your invoices paid. So, prepare correct invoices. Send them quickly and keep the payment term of outgoing invoices shorter than that of incoming invoices. Is a payment not made on time? Then make sure you have a step-by-step plan ready or reach out to external help in time.
Go Solid ensures transparent and correct collection of your undisputed B2B invoices. No expensive procedures, but targeted actions. We calculate the solvency, or financial capacity, of your customer before we stat the administrative procedure for the recovery of undisputed debts. This way we avoid unnecessary costs.
Send us your unpaid invoice and we’ll do the rest. This way you can fully concentrate on your core business and you do not lose valuable time with administration. Amazing, right?