5 Tips for managing your bank balance
- Always important to review your outgoings outgoings regularly. Classify the expenditure as either necessary, discretionary or luxury. Needless to say “luxurious” expenditure should be minimalised.
- Consider paying off high interest debt first, to save ever increasing interest cost.
- Improve your credit control and customer vetting purpose. To ensure extended credit terms are not granted.
- Check the credit worthiness of your customers , to see if these are the type of corporates you can do with business.
- Prepare a cashflow forecast and develop action plans for countering cash crunches. I.e. you need to be aware as a business you will have Tax to pay, Business owners often dont put sufficient funds aside for this purpose. So be aware of all non trading cash outgoings! AGA Accountants, can advise in this repsect.
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