How to improve cash flow for businesses following BREXIT
Talbots are being approached by a number of SMEs across the Black Country who are struggling with cash flow, having invested in their businesses earlier so that they were BREXIT ready.
Largely due to the uncertainty surrounding the ‘B’ word, their customers in Europe are now not placing orders. This means that having invested in staff and additional resources, local companies are not receiving a return on their investment and outgoings have increased whilst profits have decreased, impacting cash flow.
As a leading provider of legal services across the Black Country, we have put together some tips on how local businesses can improve their cash flow.
Invoices – Send these immediately. Do not delay, you may wish to offer discounts for early payment.
Credit Terms – Should your business be suffering with cash flow issues, you may wish to consider shortening credit terms on future orders. This will allow you to receive the monies at an earlier stage.
Debt Recovery – If you have outstanding invoices, chase them. Many small businesses are owed monies by individuals and companies but fail to chase these in an efficient manner. This allows the ‘debtor’ to become laborious with future payments. Whilst you do not want to harm business relationships, you cannot allow your business to suffer as a result.
At Talbots Law we have a specialist debt recovery team that can assist in the recovery of debts. We appreciate that most situations are unique and would be happy to tailor an approach best suited to yours.
Contact the Dispute Resolution team on 0800 18 1500, or by email to Dispute Resolution to find out how we could help you on a fixed fee basis.
For more information please contact us