I am sure many have already broken most of their New Year Resolutions made with the best of intentions. We all aim to get fitter, lose some weight, eat healthier etc etc.
What about your Business New Year Resolutions? Many SME’s have regular cash flow problems, so here are a few New Year resolutions you can apply in your business:
- Live within your means, do not drain the business by drawing out unsustainable amounts of cash;
- Improve collection of your Accounts Receivable – review processes and the skills of your people handling debtor collection;
- Negotiate better supplier credit terms;
- Understand your bank’s view of your lending rates and borrowing capacity. Do you have any flexibility to borrow if the need arises? and
- Improve Profitability of your business by setting yourself new goals for 2016. Improve your business skills, start a new marketing initiative, get staff motivated. Just try something new.
