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Simpler home loans.
What a feeling.
We’ve simplified our home loans and dropped bundled packages.
No more packages. No annual package fee. Same great rates.
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For businesses looking into the future it is important to be prepared for uncertainty with a resilient cash flow plan and manageable debt. These seven steps can help you strengthen your cash flow, plan effectively for the future, and eliminate debt problems before they occur.
Depending on the type of business you run, you may be able to reduce the number of credit accounts you offer and if possible, avoid extending credit during uncertain times, or at all. Getting payment at the point of sale improves your cash flow and eliminates the possibility of having to chase people for payment. Accepting credit cards can be a straightforward way to offer your customers credit.
Extending credit to customers can reduce your cash cycle - a key component of a successful business.
If you're going to extend credit, your customers should complete a credit application. Ask a supplier if you can use their form as a guide or get a free sample from a local debt collection agency. Include your terms of trade and ask your lawyer and accountant to suggest improvements. Check credit referees to make sure the customer has paid promptly in the past. If the customer refuses any of your terms, it’s your business decision whether to take the risk of supplying on credit. If in any doubt, ask a credit agency for a credit check on a prospective customer.
Customers won’t pay until they’ve been invoiced, so the sooner you invoice, the sooner you can get paid. A common mistake is to see the sale as everything and forget about invoicing until much later. There’s no reason to wait – invoice as soon as you've made the sale.
There’s no need to stick to the tradition of ‘payment by the 20th of the month following invoice date.' Changing your payment terms to 'payment within x days' may help improve cash flow. Asking for ‘payment by the 20th of the month following invoice date’ also means it could be up to 50 days before you know there’s a problem. In the meantime, the customer may have bought more from you, adding to their debt.
Payment terms are linked to your cash cycle so be sure you've got them right for your business.
Repeated end of month statements simply summarise what the customer owes. This extra administrative step costs time and money, so why not eliminate it by stating at the bottom of your invoices in bold: ‘Please pay on this invoice as no statement will be sent.' Some customers – typically larger ones who receive multiple invoices from you – may try to insist on end of month statements, but most will happily pay against an invoice.
Adopt a consistent policy of refusing to supply customers who are seriously overdue and who haven’t responded to your follow-up. Insist that the outstanding debt be settled first before you choose to supply more goods.
Putting a black and white policy in place will be best for your business in the long term.
Be prepared for large orders: If you commit significant resources to fulfilling a large order and payment is delayed, your business may be at substantial risk. Ensure you’ve carried out credit checks and received guarantees. If possible, ask for a deposit or arrange for progress payments. This will improve cash flow and reduce your exposure.
Danger of the single customer: If your business is dependent on very few customers, make customer diversification a top priority. It’s much better to spread your risk over ten smaller ones than being reliant on just one large customer.
Download our cash flow improvements checklist (PDF) for 34 ways to improve your cash flow.
Is lack of cash limiting your business' growth, or are there other options forward?
There may be no such thing as the perfect price, but could there be room for improvement?
In the current environment, you may have had to take short-term reactive measures to cut your business’s expenses and monitor any overheads closely.
Any advice does not take into account your personal needs, financial circumstances or objectives and you should consider whether it is appropriate for you.
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This page contains only general information which is subject to change and is not a substitute for commercial judgement or professional advice. This information does not take into account your personal and financial needs, particular objectives and/or circumstances, and you should seek appropriate independent advice (which may include property, legal, financial, taxation and accounting advice) before making any decisions, investing, or acting on it.
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