Top Tips for Cost Cutting and Cashflow Management
You're making sales, but there can be too much time between when you incur expenses and when you get paid from customers!
That time lag can wreak havoc on your cash flow and your ability to pay your bills on time.
The Cost Cutting and Cashflow Management Course from Dublin City Enterprise Board below could be just what you need to help you to use the money in your business wisely, enabling you to stretch resources to make them work harder for you!
Workshop Details
• Start Date: 15th December, 2010
• Time: 9.30am – 12:00pm
• Venue: Dublin City Enterprise Board, 5th Floor, O'Connell Bridge House, D'Olier Street, Dublin 2
• Cost: €5
The Cost Cutting and Cashflow Management session will covers topics such as cutting costs, managing debtors, the Business Plan, budgeting and cash flow statements, reducing lock up and creditor management. There will be time for attendees to ask questions, relay their own experiences and network with the other attendees.
Tips for Improving Cashflow You Can Implement Today!
Pay vendors with a credit card. If you pay a vendor 30 days after you make a purchase, and you have 20 days before you have to pay the credit card bill to avoid interest charges, the total time between when you made the purchase and when you actually pay for it stretches to 50 days. (That gives you more time to sell inventory or collect from your customers.)
If you usually pay cash up front for goods and services, ask your suppliers and service providers to bill you. Doing so will help even out cash flow by giving you more time to sell the merchandise or collect from your customers before paying your bills.
Get invoices out more quickly. The sooner you send customers invoices, the sooner you're likely to be paid. If possible, time the receipt of your invoice to coincide with when the customer will receive shipped merchandise.
Avoid late paying customers. If you have customers who habitually pay late, ask for cash upfront (or for payment by credit card). For new customers with orders of a significant size, run a credit check. If the credit check shows the potential customer is a credit risk, ask for payment up front.
Keep less inventory in stock. Do some items sit in stock for months? Do you ever have to throw out inventory because it becomes outdated? Do a sales forecast and try to order only what you'll use up in a short time. While it may save a bit on shipping or get a discount by ordering in bulk, if you only sell a percentage of what you buy, you'll have cash you could be using for other things tied up in inventory that won't sell.
Guest Speaker at Cost Cutting and Cashflow Management Course
Our guest speaker, Shane Carroll, is the Business Advisory Services Manager in Anne Brady McQuillans DFK, a medium sized chartered accountants and registered auditors firm in D. 2.
Shane is a qualified chartered accountant and heads the Business Advisory Services Department providing services such as business plans, cash flow and budget analysis and the provisions necessary for entities considering a merger or takeover. In addition Shane heads the firms outsourcing department which provides outsourced bookkeeping, payroll and the preparation of management accounts.
Shane regularly acts for banks and other financial institutions in distressed situations and specialises in advising underperforming businesses. Shane has expertise in a number of industry sectors including retail, manufacturing, healthcare, pharmacies, franchising and public sector.
Shane also has vast experience in giving presentations and seminars on behalf of the Enterprise Boards, Chartered Accountants Ireland and Accounting Technicians Ireland.
Places are limited and will be available strictly on a “first-come-first-served” basis