Most businesses, especially the little ones, have a high chance of going bankrupt because of poor cash flow handling, but there are a few ways on how to effectively sustain and even enhance your cash flow process.
Practicing KYC (Know Your Customer) with every transaction is always a great place to start as it will verify clients and identify any potential risks.
Validating and providing payment options in your invoice is a must too.
Additionally, it’s important to make sure that no customer leaves any debt, which could require calling your debtors instead of messaging them to ensure they pay.
Lastly, always be negotiable. It’s the essence of a successful business.
Want to learn more about how you can keep cash flowing? Take a look at this cool infographic brought to you by Brodie Collection Services: