Lord Sugar talks Business Cash Flow Problems

It’s often said that cash is king and lack of it can kill a business quicker than lack of profit.

He may not be a King but he’s certainly a Lord who knows a thing or two about business.  In conjunction with the Department for Business (BIS) three videos have been produced re-iterating steps that should be taken when extending credit and getting invoices paid in a timely manner. The Institute of Credit Management (ICM) has launched a series of Cash flow Management guides, one of which is sponsored by Creative Capital.

Talking about the launch of these initiatives, Lord Sugar advised: “I know just how tough running a business can be.  It is all too easy to get the basics wrong, or simply to fail to get the basics done.  These videos and guides provide simple, short and practical advice on a range of business essentials.  I hope you find them useful”.

Sue Moore of Creative Capital has first hand experience of Credit Management and in particular cash flow management. “Early in my career I developed a keen interest in credit control and cash flow management. I was experienced enough to set up robust systems and ensure that every customer completed a credit application form, and every customer was vetted to verify their creditworthiness.   Fortunately, my experience was also accompanied by a certain amount of naivety in my early twenties and it was with some passion and determination that I set about negotiating better payment terms for my employer with large companies such as Crown Berger and ICI.   I know it can be difficult for SME business owners trying to strike the balance between winning the business and pushing for better terms but it’s always a question worth asking.”

Short term cash flow solutions are now available for businesses who are forced to accept lengthy settlement terms.  Sometimes the requirement for a cash flow boost is unavoidable, particularly when you are a growing business.  Selective Invoice Finance is just one of a range of alternative funding solutions which can help ease cash flow constraints.

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