Finance

Cashflow is the heartbeat of any business

Cashflow is a hot topic right now for many businesses. When times are hard and overheads seem to be increasing constantly, confidence in business can fall easily. Stability is the catchphrase being used in the press all the time, but what does this really mean for your business?

Here are some top tips for maintaining a stable heartbeat in your business:

• Stay on top of your invoicing – sounds so obvious but even doing it a day late will impact your cashflow later in the month. Implementing a simple order book/jobs-in progress system means you shouldn’t miss a penny.

• Monitor your cashflow regularly. Use a spreadsheet you can frequently update or a simple bookkeeping software such as Xero, Quickbooks or FreeAgent. It doesn’t need to be complicated, a simple money coming in, money going out and balance left should suffice. If numbers are not your thing, then work closely with your accountant or bookkeeper to check the health of your business often.

• Look at all your costs and see what you can trim out of your business at least quarterly. Fixing costs where possible is a great idea, whether this is energy, mortgages or business borrowings.

• Routinely review the pricing in your business in line with your ordering process for materials. As your materials increase, so should your selling price to ensure your margins are protected.

• Are customers are taking longer to pay than usual? If so, send statements by email but follow up chasing payments by telephone - those that shout loudest will be at the top of the list for payment. • If you are outstanding large amounts of money and your customer is clearly struggling to pay, offer them staged payment terms. You’ll get what is owed but over a more extended time period.

• Also examine your current finance agreements. Could the term be extended, can a better rate be found? Could your existing plant and machinery be used to generate some cash for the business? A commercial finance broker is the person to speak to here.

• Remember, profit does not equal cash. It is possible for your business to make a profit even if cash is scarce. Profit doesn’t enable you to pay the bills though, cash does and so monitoring your cashflow is incredibly important.

• Managing cashflow is key to stability, but so is finding the tools and people to advise you. A great accountant, a superefficient bookkeeper and a knowledgeable asset finance broker are the three people who can help the most.

• There are various options available to businesses to raise cash for example, this could be a loan, raising finance against your assets within the business, against your invoices if they are to other businesses or even against your credit card takings.

Colin Chastey

Asset Finance Man Limited is an Appointed Representative of EFT Finance Limited.

The Asset Finance Man

ASSET FINANCE | REFINANCING | LOANS | CASHFLOW

Asset Finance allows a business to buy new or used equipment, machinery, vehicles etc and spread the cost over a period of time. It also offers the ability to raise cash against assets already within a business.

If your business needs funding for growth or cashflow talk to Colin Chastey, The Asset Finance Man, today!

Welcome to the first edition of “Puzzles in Association with Chilcotts Law Welcome to the first edition of “Puzzles in Association with Chilcotts Law in loving memory of Mollie”. Mollie was Chilcotts much loved Yorkie, who Quick in loving memory of Mollie”. Mollie was Chilcotts much loved Yorkie, who had her own fan club but sadly passed away in November. Many of our clients requested to see her when they called in. We hope that you enjoy the puzzles page, whilst they are challenging, they are not too difficult to solve. You will find the answers in the next had her own fan club but sadly passed away in November. Many of our clients requested to see her when they called in. We hope that you enjoy the puzzles page, whilst they are challenging, they are not too difficult to solve. You will find the answers in the next edition. At Chilcotts Law- It’s all about You. We offer tailored legal solutions to meet your Crossword edition. At Chilcotts Law- It’s all about You. We offer tailored legal solutions to meet your needs. Our solicitors have outstanding legal knowledge, practical experience and advice that is delivered in plain English along with first class client care, why look anywhere else. needs. Our solicitors have outstanding legal knowledge, practical experience and advice that is delivered in plain English along with first class client care, why look anywhere else.Quick Crossword #1 Word Ladder Make your way from SNOW to COSY by changing #022 1 2 3 4 one letter on each step to make a new word! 5 6 7 8

Welcome to the first edition of Puzzles in Association with Chilcotts Law in loving memory of Mollie. Mollie was Chilcotts much loved Yorkie, who had her own fan club but sadly passed away in November. Many of our clients requested to see her when they called in. We hope that you enjoy the puzzles page, whilst they are challenging, they are not too difficult to solve. You will find the answers in the next edition. At Chilcotts Law- It’s all about You. We offer tailored legal solutions to meet your needs. Our solicitors have outstanding legal knowledge, practical experience and advice that is delivered in plain English along with first class client care, why look anywhere else.

Word Ladder Make your way from SNOW to COSY by changing one letter on each step to make a new word!

9 10

SNOW

11 12 13

14 15 16 17 18 19 20

21 22

25 24

Across Clues:

2. Creepy-crawly (3) 5. Caribbean rum (6) 7. Common Law of church doesn’t sanction (6) 9. Advantageous (5) 10. Airship (5) 11. Crush (6) 12. Lower (6)

Down Clues:

1. Break (6) 2. Ketch-rigged sailing vessel (6) 3. Very long armed ape (6) 4. Go by (6) 6. Frosting (5) 8. Do not (5)

Across Clues: 14. Prosper (6) 2. Creepy-crawly (3) 5. Caribbean rum (6) 18. Draped skirt-like 7. Common Law of church garment (6) doesn’t sanction (6) 9. Advantageous (5) 21. Euphoria (5) 10. Airship (5) 22. Aviator (5) 11. Crush (6) 23. Saddle that rises up (6) 24. Withdraw (6) 25. Receding (3) 11. Yearly vehicle test (3) 13. Cloth (3) 15. Rolled oats digestive biscuit (6) 16. Particular style (5) 17. To store and preserve (6) 18. Splendid (6) 19. Remnant (5) 20. Apex hanging down (6)

12. Lower (6) Down Clues: 14. Prosper (6) 1. Break (6) 18. Draped skirt-like 2. Ketch-rigged sailing 21. Euphoria (5) vessel (6) 22. Aviator (5) 3. Very long armed ape (6) 23. Saddle that rises up (6) 4. Go by (6) 24. Withdraw (6) 6. Frosting (5) 25. Receding (3) 8. Do not (5) 11. Yearly vehicle test (3) 13. Cloth (3) 15. Rolled oats digestive biscuit (6) 16. Particular style (5) 17. To store and preserve (6) 18. Splendid (6) 19. Remnant (5) 20. Apex hanging down (6)

COSY

ANSWERS: (SNOW, SNOT, SOOT, COOT, COST, COSY)