Tag: managing cash flow for small businesses

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How are Small Businesses Changing in 2022?

It’s not a stretch to say the last few years have been tough…especially for businesses.  Through lockdowns and restrictions we’ve seen businesses struggle, falter, adapt, and survive. 

Now that we’re in to 2022, and things are (fingers crossed) almost looking normal again, it’s exciting to see how businesses will recover and thrive.

Xero has released a guide to small business trends for 2022, based on surveys they conducted in 2021 of their subscribers in Australia, New Zealand, the UK, Singapore, Canada, and the US. 

Here’s are 10 trends on the rise for small business this year:

Continue reading How are Small Businesses Changing in 2022?
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Here’s What You Need to Know About the Cash Conversion Cycle

flowchart of the cash conversion cycle

There are a lot of things that contribute to a successful business, but there’s no doubt that cash is a pretty significant one.  Whether or not a business can generate enough revenue to not only stay afloat, but make a profit, determines whether or not that business can continue to operate.

But collecting that cash is not as simple as swiping a customer’s credit card.  From the first cent a business spends in buying its stock, to the final cent the business receives in payment from a customer, the cash conversion cycle can tell a lot about just how efficient and effective a business is.

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Get Paid Faster Using Your Mobile Phone!

get paid faster using your mobile phone
You can use your mobile phone to get paid – great for tradespeople as well.

No doubt about it, one of the biggest hurdles you face as a small business owner is managing your cash flow. A big part of this is ensuring your clients and customers pay your invoices on time.

Setting up email alerts to remind customers when your invoices are due is a great way to ensure you’re never – or at least, rarely – paid late, which we’ve written about on this blog and even cover in our MYOB training courses. Continue reading Get Paid Faster Using Your Mobile Phone!