C2It’s Emma Cooksley-Lewis’ Top 5 Tips for SMEs

C2It Commercial Collections’ Emma Cooksley-Lewis knows how to help SMEs maximise their business potential. Here are her top five tips for staying out of financial trouble.

Cash flow

Have a clear understanding and tight control over your cash flow. These are ‘make or break’ issues for many SMEs.   Ensure that you have adequate resources in place to chase for payments or employ a third party that can do this for you.  Protect your cashflow!! . Get the best deal for your business too. Negotiate longer credit terms with suppliers and shorter ones for customers. Never neglect your bank – you may need its financial assistance and invaluable advice.

Invoicing

Organisation is imperative when running an SME, especially when it comes to invoicing. Too many businesses relax once a job is completed, but remember, it isn’t done until you get paid. As well as posting invoices, email them too. Apply a read receipt, so there are no excuses about not receiving the invoice.

Entrepreneurship

Entrepreneurship is a powerful tool for an SME. Give employees creative freedom to see ideas through to the end. This allows people to see their ideas become reality and reap the rewards of their creativity. It also helps you profit from their talent and retain high performers.

Resilience

Stay disciplined and be cautious with your income and expenditure. Create safety buffers during profitable times, retain earnings and develop a  planned approach towards borrowing. This is one of the simplest ways for SMEs to stay out of trouble.

Sustainability

Create strategies that will help identify how you can sustain your business over the next three years and beyond. Ensure you have the accurate and appropriate financial plans and resources in place to realise your growth potential. Outsource these skills and services if you don’t have them internally.

C2it Commercial Collections helps SMEs optimise invoice collection, recover debt and manage cash flow.