In the current economic climate, maintaining positive cash flow is important for all businesses. The rise in monthly expenses, coupled with unexpected revenue hits associated with COVID-19 means business owners are facing more challenges than ever.
Here are four of the key benefits of maintaining good cashflow management.
1. PAY STAFF ON TIME
Your employees are the ones that engage with clients and partners on a day to day basis, and they are the engine that keeps your business running. Therefore, not missing payroll is not only the right thing to do, but it will also help you retain a great team.
When you have a good cash flow management solution, you don’t have to worry about paying your workers on time as you will be able to set aside cash for their remuneration regularly.
2. PLAN AND FORECAST BETTER
Managing your cash flow well will let you predict how much money you’ll be bringing into your business, but it will also help you ensure that it's always more than you'll need to spend.
Being prepared for seasonal ups and downs and one-off costs can really help avoid stressful situations, and the best way to do that is by creating business and cash flow plans. Forecasting cash flow can help you stay on track and reach your goals for 2021.
3. PEACE OF MIND
As a business owner, there’s nothing more unnerving than running out of cash. Fortunately, with good cash flow management, you don't have to worry about cash flow restrictions because you'll have enough money in the bank to meet all your obligations and add more clients.
Increased stress levels can not only affect the way you run your business, but it can also have a detrimental effect on your employees and customers. Being in a positive cash flow position means you'll be able to run your business more effectively and concentrate on what you enjoy doing.
4. GROW YOUR BUSINESS
For most startup and small business owners, there is only one thing they want to see: their business growing and thriving. An effective cash flow management plan will prevent you from running out of cash so that you can say yes to selected growth opportunities.
Effectively managing your cash flow is the key to any business’s success. By implementing a smart cash flow management strategy you will be able to address any shortfalls immediately, set up your business for future growth and have peace of mind that you will always be able to pay recruitment fees and your bills on time.
BizPay gives companies the opportunity to split any business invoices in over 4 easy monthly instalments. This means that BizPay will pay your supplier or service provider (whether they be recruiters, marketing consultants, web developers, accountants, lawyers etc.) within 24 hours of invoice issue whilst you can pay BizPay back in 4 easy monthly instalments inclusive of a small BizPay fee of 4% (1% per month).
By enabling you to split invoices into monthly payments, BizPay relieves the cash flow pressure so that you can focus on growing your business!
Written by BizPay
BizPay is a seamless technology platform that solves cash flow challenges associated with paying business invoices. The company was founded to help businesses grow better by enabling them to use top suppliers and professional service providers. Frictionless, transparent and affordable, innovative payment products allow businesses: to split bills into 4 easy instalments and/or receive full invoice payment in 24 hours to grow their businesses without being constrained by cash flow.