It’s hard to believe we’ve already circled around the sun one more time, but Friday marks yet another new year: 2016.
A new year brings with it a clean slate. In a perfect world, your business would fill that slate by gaining on the momentum it generated in 2015 and riding it to new highs in 2016—a task that’s considerably easier when cash flow is healthy.
Here are five New Years’ resolutions that, assuming you keep them, are certain to improve your business’ cash flow in 2016 and beyond:
- I will reassess my approach to invoicing. If payments are routinely being made net 60 or even net 90, consider incentivizing your customers to pay their bills on time by offering early-payment discounts. To accelerate things further, you may also want to start invoicing clients immediately once goods are sold or services are delivered instead of waiting until the end of the month to send out bills.
- I will migrate to the cloud. If your small business is still relying on legacy computing infrastructure, make a move to the cloud right away. Generally speaking, you’ll get more computing power, bandwidth and storage for less. And you won’t have to spend any time (or money) maintaining hardware, patching software, updating security measures or training technicians. The end result? Faster, more reliable networks—and more money in your bank account.
- I will deploy collaboration tools. Once you’ve moved to the cloud, you can take advantage of web-based collaboration tools and project management apps. These tools are accessible from any connected device, which means your employees are always a swipe of the finger away from their important business communications, documents and files. As a result, decision making accelerates and projects take less time to complete—which all translates into a more robust bottom line.
- I will use Fundbox. You don’t necessarily have to wait around for your clients’ checks to arrive in the mail. You don’t have to pester them about paying their bills, either. Instead, you can use an invoice-clearing service like Fundbox to advance payments on your customers’ unpaid bills. For a small fee, Fundbox deposits the cash you’re owed in your account within moments, so you’re able to access capital right away. You then have 12 weeks to repay the advance and the fee. Don’t forget: The service is easily managed from any connected device, so you could theoretically unlock cash when you’re standing in line at the coffee shop.
- I will shop for new suppliers. Are you getting the best deal on your rent? When’s the last time you shopped for a better price on phone and Internet? Is there a way to save money on office supplies? If you’ve not shopped around for potential new vendors in some time, the beginning of the year is the perfect time to reassess your options to find out whether you’re paying more than necessary to run your business. Who knows? A few changes in behavior could result in significant savings in 2016.
Happy New Year from all of us at Fundbox! We hope 2016 will be a great year for you, your family and your small business.
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