In the business world, cash is king. A healthy cash-flow can be essential for businesses to stay ahead – and stay afloat. Here are six ways to boost your business cash-flow:

1. Make a cash-flow forecast

   Cash-flow is often a challenge for small and mid-sized businesses as they aren’t well prepared for all the costs that come with quick growth. By putting together a business cash-flow forecast, you’ll get an understanding of your current situation as well as where it’s likely to go in the future.

2. Review product pricing

   Could you be selling your products for more? This strategy won’t always be appropriate – increased pricing could result in losing business to competitors. But increased prices can also result in higher perceived value, and can help boost cash flow without loss in sales.

3. Re-negotiate contracts

   If you have long-term contracts and a good relationship with suppliers, there might be an opportunity to re-negotiate contract terms to your advantage. The advantage to them will be the ease and knowledge of your long-term business. Either way, it can also be a good chance to review exactly what services you have with them.

4. Incentivise for early payments, penalise for late payments

   Chasing up invoices is an important way to maintain cash-flow, but it can become a real chore. It’s most likely not your favourite part of running a business, but it’s also time consuming – and time is money! Take note from utilities bill strategies, and apply discounts for accounts paid on time, and penalties for late payments.

5. Invoice promptly

   Many clients and businesses prefer to wait 30 to 60 days after receiving an invoice to make payments. Simply sending invoices promptly will shorten the period between sale and payment. It’s worth following up on late payments – instead of an email reminder, consider following up with a friendly phone call. It’s likely to be more effective and will remind your clients there’s a human behind the business.

6. Consider getting a business loan

   Cashflow tips can all make a difference – but there’ll be times a business loan will give you the cashflow boost your business needs to get to the next level. Sprint Capital can help you get back to business with their Working Capital Loans – with flexible criteria, great rates and same day approval.