Having unpaid and overdue invoices is nothing new to businesses and the current economic climate is only likely to make it a more common issue. All businesses, whatever sector you operate in, will at some point come across clients who don’t pay their bills. All email requests for payment go ignored and they are always […]
The hospitality industry has been one of the worst hit during the crisis with the knock-on effect also hurting companies the supply chain. With restrictions easing and hopes that the scheme will be a success there it at last some hope that the industry may start to turn a corner.
The coming few weeks will see the biggest tests so far in the drive to get the country and the economy moving again. From August 1st the government will begin to scale back the furlough scheme which has been the biggest single economic intervention of the crisis and has so far benefited over 9 million jobs. Moving forward businesses will be asked to contribute some of their own money to keep staff on furlough and funds will be completely removed by October in order to encourage everyone back into work.
Streamlining efficiency and workflow will be crucial in the coming months. If your business spends time and allocates staff to chase overdue invoices, or as a business owner, you spend time worrying about how to recover money you are owed by clients, then it may be time to streamline your operation.
Now, more than ever, businesses should be looking at where they can be more efficient. Where can time and effort be saved, and productivity increased? It is crucial that businesses build up their cash flow to ensure stability in the coming months.
One area that many businesses struggle with is ensuring they are paid on time for their work or goods provided. This can have a detrimental effect on the business and leave it unable to accurately forecast cash flow, plan for the future, explore new markets or invest to scale up their current offer.
More of the economy is opening up and people are now able to go out for a meal, go to the pub and cinema and go on holiday to number of destinations without having to quarantine on their return. The return of these businesses is a welcome sign that there is some semblance of normality […]
With the announcement that pubs, restaurants, hotels, museums, hairdressers, and a raft of other places have reopened on July 4th, it is starting to feel like the country is moving closer to normality, albeit with restrictions still in place. This is welcome news from the government and means that businesses in these sectors now have […]
Many companies are looking at ways to survive that include streamlining their operation in order to become more profitable and agile. Ensuring that the business stays competitive and has adequate cash flow is key to coming through the crisis. The lockdown has given some business owners the opportunity to look at how their operations have been running and to see where they could make time and efficiency savings.
All businesses rely on being paid for goods or services provided. This is what generates profit and keeps a businesses’ cash flow healthy allowing it to pay staff, expand product lines or services and invest in the future growth of the company. However, this transaction is not always as straightforward as it should be. The time spent chasing late payment is cited as the biggest obstacle facing business clients and not having the resources available to recover money owed is one of the most common reasons given for failures.