How to improve your printing business cash flow
Updated: Sep 10, 2020
In a world of CAD design, 3D design and Digital printing, the pace is very fast and a rapid response to your customers’ needs are essential. Your businesses projects are carried out with prompt accuracy and express delivery critical. Within your business, time is money and money is time. From research, all successful businesses know how to maximise their cash flow.
Nowadays, more CAD designers and 3D printers have turned to invoice finance to manage their finances, ensuring instant day to day cashflow and that working capital are readily available. It’s the finance solution that been proven to help businesses develop, instant payment on invoices brings huge financial benefits and stability, including faster growth, better supplier terms and efficient credit control. Having efficient credit control, means that your invoice facility can include a fully managed book-keeping and credit control service, freeing up your valuable time and resources.
Building a business requires money, and money needs intensify when growth is accelerating. But many businesses often fail because leaders at the top did not properly manage the money flowing into and out of the business. A way of improving the cash flow of your business would be by forging stronger relationships with your customers. You should not delay sending invoices to clients and you should make it easy for clients to pay by setting up auto payments electronically or via a credit card. Another thing to do is to make sure that invoices are accurate and easy to understand. As a business, you should consider sending clients reminders five days before their payments are due and follow them up immediately if a bill has not been paid on time. If a client pays on time, thank them.
However, the quicker you produce and deliver a product or service, the quicker you get paid.