Week 9 Day 3 Action Items

Day 3

• [ ] Understand how effective cash flow management contributes to business success.
• [ ] Identify potential areas for improving cash flow in your current financial practices.

Cash Flow Improvement Checklist for Small Business Owners

By systematically addressing these areas, you can identify opportunities for improving cash flow in your business. Regularly revisiting and updating this checklist will contribute to the ongoing financial health of your small business.

Invoice Management:

• [ ] Ensure timely and accurate invoicing for products or services rendered.
• [ ] Clearly outline payment terms on invoices.
• [ ] Consider offering early payment discounts to encourage prompt payments.
• [ ] Implement a system for tracking and following up on overdue invoices.

Accounts Receivable:

• [ ] Regularly review and assess accounts receivable aging.
• [ ] Communicate with clients about upcoming payments and outstanding balances.
• [ ] Consider offering multiple payment options to clients for convenience.
• [ ] Implement a consistent and effective credit control policy.

Inventory Control: