Do you need more sales? Or is it really more cash that you need? Perhaps its both. But sales don’t arrive overnight. We often talk in the podcast about how you can use the 100 day model to grow your business, but that doesn’t solve the cash issue you have today or tomorrow. So, how do you buy yourself the 100 days you need? In this episode Graham and Kevin talk to Hayley Chiba, a small business finance expert and discover all about managing cashflow, and how you can buy yourself the space to execute your 100 day plan.
Hayley tells us that cash flow problems are often not recognised or addressed until it’s almost too late. Your business has worked hard to grow and expand, or as a Start-up you may have ambitiously ploughed all your time and effort into launch. But very quickly, almost overnight, you realise you’ve suddenly run out of cash. The continual supplier calls and worries over when the next slug of income will be coming in, can only add to the stress of this situation. But there are 10 different areas you can look at to ease your cash problems and Hayley talks and through each of these in detail during the podcast. The 10 things Hayley mentions as key to managing cashflow are:
- Hold back Supplier Payments (How to do it Properly)
- Complete What You’ve Started, manage your work in progress.
- Top Notch Sales Ledger Processes
- Credit Controllers the Unsung Heroes
- Get Immediate Funding
- Get Credit from Suppliers
- Find an Alternative Supplier
- Credit Cards
- How to use ON STOP
- Simple Steps to Create a cashflow forecast.
In the show we mention Hayley’s e-book “Short Term Cashflow Tactics” which goes into much more detail. You can download the ebook here.
If you want to learn more about small business finance and managing cashflow, Hayley’s Udemy courses are available through this link.
You can contact Hayley in the next 100 days Facebook group or via her website better numbers.co.uk