Even your well-run company can get into trouble if you do not assess the financial situation correctly or on time. A well-considered approach and accurate follow-up are therefore essential. How do you avoid cash flow problems at every stage?
Start with a well-thought-out business plan
You draw up a business plan, in which you indicate the expected costs and income for your company. Many organizations such as UNIZO, Voka and the social secretariats offer help in the form of starter programs and information sessions, so that you gain insight into the social contributions, costs and financial risks of your company. Also look for a good accountant who can monitor your financial situation and advise you on major decisions.
Follow your accounting carefully yourself
The help of an external accountant is useful, but it is best to keep a close eye on the figures yourself. This way you will understand more quickly what impact decisions, orders and recruitments have on your financial situation. Follow your cash flow position closely so that unexpected costs do not become an obstacle.
Inspect your sector carefully
Perhaps more important than cash flow problems are reputation damage, changing legislation and increasing competition. All these factors have an impact on your sales opportunities. So, keep listening to feedback from your customers and make sure you stay informed of all evolutions in the sector. New technology changes demand, the smart approach to your competitors reduces your market share and stricter rules oblige you to adapt your product.
Anticipate unexpected events
Reserves provide breathing space when things threaten to go wrong financially. Your cash flow position is jeopardized by customer payment problems or a rising exchange rate. Loss or damage to your supplies or illness within your company can in turn lead to underperformance.
Tip: provide insurance against major risks.
Efficient collection of invoices
No healthy cash flow without incoming payments. Keep the payment term of outgoing invoices shorter than that of the incoming invoices. Is a payment not made on time? Do not wait with a reminder and opt for a fast and efficient collection. With Go Solid you get the guarantee of a free collection after a quick examination of your invoice.
Have your invoice checked online for a collection free of charge.