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10 cash flow tips to make the most of Christmas trade

Want Santa to fill your business stockings to the brim? Here are 10 tips to protect them from potential holes.

Tip 1:  Review your invoicing procedures. Are your invoices issued as goods are delivered?

Tip 2:  Update your cash flow projections to anticipate any Christmas shortfalls. Sales activity usually leaps 30 percent.

Tip 3: Review your stock and supply chain. Bulk-buying may sound like a good way to shave a few cents off each unit, but have you calculated the costs of storage, insurance, shelf life and amount spent on the stock? Also, look into ways to tighten ship or check for old inventory you can move quickly.

Tip 4: Consider getting credit checks on new customers placing significant orders to ensure that they can pay.

Tip 5:  Monitor your increasing wage and supply costs. Make sure you have a plan to stay cash flow positive into the new year.

Tip 6: Maintain your cash reserves by taking full advantage of the payment terms offered by your suppliers and paying on the last day, or ask for discounts for earlier payment.

Tip 7: Speed up payments by shortening your payment terms or offering incentives for your debtors to settle their accounts by the new year. Take note of which customers are usually slow to pay and chase them up promptly.

Tip 8: Sign up for debtor finance so you can receive up to 80 percent of invoice values within 24 hours of issue. This gives your business immediate working capital in the bank. It also eliminates the need to offer debtor discounts for early settlement which can eat into your profit margins.

Tip 9: In January, most people will either be away or making a sluggish recovery from the festivities. Follow up outstanding invoices before Christmas, before your customers and their accounts departments are on holiday mode.

Tip 10: Put your feet up, relax and welcome the silly season!