{"id":1766,"date":"2021-01-04T19:11:10","date_gmt":"2021-01-04T19:11:10","guid":{"rendered":"https:\/\/www.africa-press.com\/south-africa\/?p=1766"},"modified":"2021-01-04T19:06:47","modified_gmt":"2021-01-04T19:06:47","slug":"small-business-resolutions-to-boost-your-cashflow-in-2021","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/small-business-resolutions-to-boost-your-cashflow-in-2021","title":{"rendered":"Small business resolutions to boost your cashflow in 2021"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>By Viresh Harduth<\/p>\n

Running a business in what we assumed would be a post-Covid world this year has turned out to be a continuous challenge, taking on various strains from last year\u2019s pandemic.<\/p>\n

A common denominator for many small business owners is steady cashflow throughout the year.<\/p>\n

Staying in the green has always been a priority for small business owners. Now, more than ever, you need to take control and manage your finances to ensure long-term growth and sustainability.<\/p>\n

To make the most of 2021 and increase your cashflow and profits, here are six ways you can do this:<\/b><\/p>\n

1. Introduce subscription sales<\/b><\/p>\n

Do you sell a service or product people buy and use several times a year? You might be able to sell it as a monthly subscription. For example, rather than charging customers each time they need a pool or garden service, you could put them on a monthly contract. They benefit from predictable costs, and you get cashflow each month while securing their business for the year.<\/p>\n

2. Consider invoice factoring<\/b><\/p>\n

Invoice factoring supports cashflow of smaller businesses that struggle to offer their customers credit terms of 30 days and more. It\u2019s basically a form of credit where a third-party financier pays you an advance based on an agreed percentage of each invoice you issue. As you receive the money, you pay back the advance and a modest fee.<\/p>\n

If you are not number savvy, there are technologies that can help you gain insight into exactly what is coming in and what is leaving your business account. This will help identify where you can streamline operations and save money. Conduct a break-even analysis \u2013 a calculation of the sales targets you would need to meet to cover fixed and variable costs \u2013 and identify areas where you can cut costs.<\/p>\n

3. Speed up delivery<\/b><\/p>\n

If you get paid cash-on-delivery, look at ways to speed up production and delivery. For example, a new courier company might be able to ship your goods faster than your existing one. This might also cut your expenses if you find that the new supplier has better rates.<\/p>\n

You should also look at getting rid of unwanted office equipment that keep you from getting things done quicker. Rather than allowing old inventory or obsolete machines, PCs and office equipment to clutter your premises while depreciating in value, sell them. Remember that selling inventory below cost may produce a tax loss, in addition to giving you a cash injection. Selling old equipment may produce a capital gain, especially if it\u2019s fully depreciated.<\/p>\n

4. Evaluate supplier and service provider contracts<\/b><\/p>\n

If you\u2019re in a long-term partnership with a vendor, take the opportunity to re-negotiate payment terms or discounts when contracts come up for renewal. Also, go through the contract to be sure you\u2019re not paying for any services or extras you don\u2019t need.<\/p>\n

You should also review your payment terms. If your credit terms are 60 days, rather keep the money in an interest-bearing account than pay early. Don\u2019t be late with payments either. This harms your relationship with vendors to the extent they will no longer give you credit. You may also be asked to pay interest.<\/p>\n

5. Cut costs<\/b><\/p>\n

Always look for opportunities to reduce wastage and inefficiency, whether that means moving out of your plush offices or cutting back on printing costs. Today, almost everything can be done remotely and online. Using cloud-based accounting solutions, for example, can help you and your team get work done no matter where you\u2019re based.<\/p>\n

6. Reward prompt payment, chase outstanding debts<\/b><\/p>\n

You should have a credit control process that focuses on ensuring your debtors pay on time. Send invoices to customers promptly, and chase overdue bills. Be clear about your payment terms. Incentivise clients to pay on time with discounts for early settlement and penalties for late payment.<\/p>\n

Alongside this is taking control of the cash that comes in, in a more assertive manner. Many small businesses know the feeling of waiting for a corporate client to pay them after they\u2019ve dedicated most of their team\u2019s hours for the month and settled third-party supplier bills. Likewise, someone making custom furniture is spending time and materials on each order. As a small business, it\u2019s reasonable to ask for a 50 percent deposit upfront for big jobs that could hurt your cashflow.<\/p>\n

Viresh Harduth, Vice President, Small Business, Sage Africa & Middle East<\/b><\/p>\n

BUSINESS REPORT ONLINE<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. By Viresh Harduth Running a business in what we assumed would be a post-Covid world this year has turned out to be a continuous challenge, taking on various strains from last year\u2019s pandemic. A common denominator for many small business owners is steady cashflow throughout the year. Staying in the green has […]<\/p>\n","protected":false},"author":84,"featured_media":1765,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,8],"tags":[274,315,275],"class_list":["post-1766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nSmall business resolutions to boost your cashflow in 2021 - South Africa<\/title>\n<meta name=\"description\" content=\"By Viresh Harduth\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/small-business-resolutions-to-boost-your-cashflow-in-2021\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Small business resolutions to boost your cashflow in 2021\" \/>\n<meta property=\"og:description\" content=\"By Viresh Harduth\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/small-business-resolutions-to-boost-your-cashflow-in-2021\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-04T19:11:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2021\/01\/img-5ff367118e1d4.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"480\" \/>\n\t<meta property=\"og:image:height\" content=\"270\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/small-business-resolutions-to-boost-your-cashflow-in-2021#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/small-business-resolutions-to-boost-your-cashflow-in-2021\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Small business resolutions to boost your cashflow in 2021\",\"datePublished\":\"2021-01-04T19:11:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/small-business-resolutions-to-boost-your-cashflow-in-2021\"},\"wordCount\":749,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/small-business-resolutions-to-boost-your-cashflow-in-2021#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2021\/01\/img-5ff367118e1d4.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"files\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/small-business-resolutions-to-boost-your-cashflow-in-2021#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/small-business-resolutions-to-boost-your-cashflow-in-2021\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/small-business-resolutions-to-boost-your-cashflow-in-2021\",\"name\":\"Small business resolutions to boost your cashflow in 2021 - 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