Category Archives: Choosing the right payment method

31 Day Cash Flow Challenge – Weekly Review – Days #1 to 7

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Here is a reveiw of the first weeks Cash Flow Challenge tips  Days 1 to 7 

If you have any Cash Flow tips you would like to share with us add them below.

Day #1 – Make sure you know your current financial position

Day # 2 – Make sure the price is right and you are covering your costs

Day #3 – Reconcile your membership income on a weekly basis

Day #4 – Reduce non-core-expenditure

Day #5 – Carefully budget payments for essential expenses

Day # 6 – Keep stock levels to a minimum

Day #7 – Set your credit terms carefully

Follow the rest of the 31 Day Cash Flow Challenge here and on our FACEBOOK page.

 

31 Day Cash Flow Challenge Day #6 – Keep stock levels to a minimum

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Keep stock levels to a minimum

Keep stock levels to a minimum

Holding stock in your business is like having cash sitting on your shelves.  You need to constantly monitor stock levels and ensure that you don’t hold any excess or out dated stock.  You may be able to ask your suppliers if you can have the stock without paying for it until it sells.   So you either sell the product or you return it often known as a consignment sale.

 

Follow the 31 day Cash Flow Challenge here and on Facebook.

31 Day Cash Flow Challenge Day #5 – Carefully budget payments for essential expenses

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Ezypays 31 Day Cash Flow Challenge – Carefully budget payments for essential expenses

Carefully budget payments for essential expenses

An essential expense may be rent, insurance or employee wages.

You need to carefully plan for these expenses and make sure that you have the cash to cover them. For example if you pay employees every fortnight do you know some months have 3 fortnights? By carefully planning and budgeting for these essential payments you will understand what cash you need when and what is left over for other business activities.

Follow the 31 day Cash Flow Challenge here and on Facebook

31 Day Cash Flow Challenge Day #4 – Reduce non-core-expenditure

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Reduce non-core-expenditure

Reduce non-core-expenditure

This is a great way to increase your cash flow but you need to know the difference between core and non-core-expenditure. Basically core is the essential day to day expenses like utilities, rent and wages. Non-core is the expenses unrelated to running the business every day like insurance, travel, and tea and coffee.  Also  referred to as direct and in-direct costs.

Although insurance is non-core it is still essential so you need to aim to reduce these expenses but you can’t necessarily cut them out entirely!

Follow the 31 day Cash Flow Challenge here and on Facebook

31 Day Cash Flow Challenge Day #3 – Reconcile your membership income on a weekly basis

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Ezypay 31 Day Cash Flow Challenge

Reconcile your membership income on a weekly basis

Who has paid and who has not? Gym entry is always a tricky situation for the member and the staff when discussing non-payment issues.
It’s essential to make sure that you know who has and who has not paid their membership on a regular basis. With direct debit payments being the main source of membership income you need to reconcile each member’s payment as they occur to ensure they are up to date.

If you fall behind your reconciliation it soon becomes a mountain to climb, members are often not aware that their payment didn’t go through, their credit card has expired or their bank failed.

Avoid that uncomfortable entry situation; do a regular weekly check to make sure your business is healthy and your members are happy.

Follow the 31 day Cash Flow Challenge here and on Facebook