C H E Q U I N G O U T bolstering their bottom line. This is more important than ever in the current climate of high costs, inflation, global economic impact and recruitment challenges that all contribute to making it harder to manage operational costs.
C H E Q U I N G O U T bolstering their bottom line. This is more important than ever in the current climate of high costs, inflation, global economic impact and recruitment challenges that all contribute to making it harder to manage operational costs.
There is hope, however, with business owners already having a good understanding of some of the factors that could ease these pressures; more than a quarter( 28 %) said that faster payment of invoices is the key to helping their business save time, and 27 % say it would solve admin and cash flow problems.
Keeping cash flowing
Burdened with a daily onslaught of challenges including cash flow management, SME owners are on the lookout for little wins that make their lives easier by removing points of friction and prioritising simplification.
This can take many forms, and what will work best for one company might not be the same for another, but there are certain tools or practices that help. For example, cutting out non-essential costs. The saying of‘ look after the pennies and the pounds will take care of themselves’ is true – every saving can contribute towards a healthier bank balance.
Similarly, try to liquidate slow moving inventory to free up cash tied up in stock that may be containing the business’ s cash flow, or avoid under or overstocking generally. Meanwhile, maintaining a good relationship with your customers and suppliers is crucial to win trust and build stronger bonds that make negotiating longer payment terms easier and discounts more likely to come your way.
Improving efficiencies across your workforce will help streamline workloads and improve productivity. For example, look to optimise work processes by removing any unnecessary steps and automating repetitive tasks, as this can avoid bottlenecks and mitigate time wastage. Elsewhere, prioritising staff training and ensuring they are onboarded effectively can avoid issues down the line. By making sure they are well equipped from day one,
Paul Holland, Managing Director, UK / ANZ Fleet at Corpay
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