1. One of the main reasons why businesses have cash flow issues are that expenses are incurred before the payment is received from the customer. A good idea may be to change your payment terms. For example instead of invoicing customers every 30 days invoice every two weeks.
2. Depending on the type of business that you have you may want to consider accepting debit card and credit card payments. Most merchant service providers deposit funds into your account next day.
3. Review your past cash-flow statements and document flucuations in your business . The data gathered can be used in a multitude of ways such as planning when to apply for business lending/capital/credit; proper staffing and improving marketing techniques
4. Think about working with a business accountant that has helped business owners. I would recommend going with someone that has a track record or with someone that was recommended from a friend or associate. They can also provide insight in areas that you may have overlooked. Business accountants are also great in providing tax benefits for your business.
5. Consider using a business credit card for day to day business expenses. Find out about your card's grace period. In most cases you'll have up to 21 days before any interest is charged on the balance. Don't forget to inquire about rewards and cash back features offered. Speak to your business banker about the card that's right for you! Business Lines of Credit are also used for short term needs such as managing payroll, business emergencies, working capital, and seasonal purchases.
6. Any steps you can take to build your business such as training, updating technology, hiring a consultant, and even improving marketing techniques can help improve cash-flow as well
