How can I improve my Cashflow (and why should I?) Guest blog

How many times have you looked at your accounts and seen a profit, but wondered how that can possibly be right when your bank balance is so low?

Maybe you need to spend more time focusing not just on making a profit but improving your cashflow. Perhaps you need to take money out of the business to fund your lifestyle, or you want to invest for the future, or build up a financial buffer to cover for unforeseen eventualities? Perhaps you need to put systems in place to monitor and improve your cashflow. In the simplest terms you need to speed up getting money in, and slow down paying money out.

So…exactly how do you go about this?

For a start, it may sound obvious, but you need to invoice your clients promptly, for the right amount, and send the invoice to the right person. It’s amazing how many businesses fall at this first hurdle! Make sure that you agree payment terms up front, so that there are no surprises which could lead to disputes and therefore delay payment.  And don’t forget to supply your bank details. Have a system to record invoices and track payments so that you can send gentle reminders when payments don’t arrive when they should.  (Save the heavy-handed tactics for the serious defaulters!)

You may also choose to delay payments out by paying suppliers according to their payment terms, rather than as soon as the invoice arrives. Or consider careful use of a business credit card in order to defer payments as long as is reasonable without damaging your credit rating or reputation.

Don’t waste funds on unnecessary expenses or tie up bank funds in excessive stock balances. Remember that to grow your business you may need to free up funds in order to invest in equipment or staff.  Also, if seeking finance, lenders will look at your cashflow as well as your profit.

Finally, consider using cloud software and banking apps – they will allow you to monitor your funds wherever you are, 24 hours a day, 7 days a week, so you’ll always have up-to-date information at your fingertips!

For any questions, on this blog or cashflow, contact Carolyn of Orion Accountancy

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Why Team Pinpoint could be your next football signing!

It is nearly the end of January, so that means it is transfer deadline day for many of you I’m sure. With that in mind, are you considering changing your team around to enhance the value you offer to the players, supporters and Board and to re-evaluate your marketing tactics and campaigns to make your goals happen?

How can we help?

We are both in the same business of using cleverly and carefully thought out strategies and tactics to achieve the best outcome, on or off the field. Whether you have a marketing department in place or if budget doesn’t allow, and you outsource occasionally or even get staff to pitch in every now and again, Pinpoint Marketing would love to help your club on a strategic and brainstorming level and also on a hands on campaign level.

From bringing in new supporters, attracting sponsors, improving the bottom line, growing merchandise sales, reviewing your campaigns and processes or raising your profile in the local business and residential community, we can help with advice, ideas and hands on campaigns. From social media, content planning, training, reporting and analysis and more, we are highly recommended by our clients and followers. Using digital and offline channels and cost-effective methods, we are sure we can help you and be an asset to your team.

So, why Team Pinpoint?

As well as being an experienced marketing professional with over 20 years of experience and having a team behind Pinpoint Marketing to over all of the marketing mix, on a personal level, Nicole is a football fan and also a mum of a 12-year-old grassroots and academy footballer. Being a mum has seen Nicole get involved in being a football fixtures secretary as well as a wife to a grassroots coach.

Can we have a chat over the phone or email, or a face to face meeting to discuss your short and long-term goals and how Pinpoint could possibly help get you from where your club is today to where it wants to be.

3 things that are confusing me this December …

Without sounding like a Grinch or someone having a rant, here are 3 things that are confusing (and frustrating) my small (business) mind this month:

  1. the B word – Brexit! How can all these last minute changes, back tracking, moaning, delaying, unsupportive teamwork, and so on be allowed and be ok? I am not professing to being politically savvy but the point I am trying to make is the way this is being handled simply wouldn’t be tolerated in the small business world. If I asked a client to make a decision and then if they changed their mind and were not happy about the outcomes so far etc, the situation would be handled totally differently. Even if the client did inherit someone else’s mess or decisions. This isn’t a like for like scenario I know as it is way more complex, but nevertheless …
  2. Trains! I regularly submit quotes or proposals to clients and they accept and we go ahead. What would they say or do if I then turned round weeks later and said I won’t be delivering on time, I will be late and oh yes, I need lots more money as I have gone over budget! I can’t imagine the client would be accepting of this? This situation wouldn’t happen in the small business world, well not mine anyway.
  3. Finally, I believe it is the 11th December. Therefore there are 20 days left in the month. Yes some of these are weekends and of course Christmas bank holidays, but I have heard a lot of sentences from people, conversations (not only Pinpoint related) “lets wait until January” or “after Christmas”. Whereas these points may be valid and of course people can decide when and where and how they work, but December doesn’t have to be a non working, non productive month. If all business or work gets put off then you will be left with a busy, manic and stressful January! Do what you can when you can I say, but each to their own of course.

Rant over! Hope my tongue in cheek blog has given you a chuckle this festive, Tuesday morning. AND, have a wonderful Christmas!