 Hi, I'm Jan Barnard and I'm going to share some ideas to help improve your cash flow. Cash flow is the fuel that keeps your business running. If you run out of cash, this could be the end of your business. That's why it's so important to get it right. Once you have your cash flow under control, you'll be able to pay your bills on time, spend less time chasing customers for payment and have the comfort of knowing that you have money in the bank to grow your business. So, let's get started. My first tip is, prepare a cash flow forecast for the year ahead. This is your early warning system to spot any potential issues. Use an Excel spreadsheet like the one provided on Business Victoria website or accounting software to track how much cash comes in and out of the business each month. Check your actual cash position against your projection regularly and deal promptly with any issues. My second tip is proactively manage payments from your customers. Always invoice when the job is complete because the longer it takes for you to invoice, the longer it takes for you to get paid. And review your payment terms. They don't always have to be 30 days. You could also make it easy to pay using several options. There are a range of apps that you can use for easy payment and for repetitive invoices for customers, set up a direct debit from their bank account. Where you have a special order or a large job, ask for a deposit at the start and then progress payments throughout. Send regular reminders. Most financial software packages allow you to do this automatically. And make sure you chase up late payers. Stay in regular contact and consider offering a payment plan so you can get paid sooner. The third way to improve your cash flow is to look at how you're paying your expenses. For regular overheads such as phone or utilities, compare your bills with other providers to ensure that you're not paying more than you need to. Victorian Energy Compare is a great tool to help make sure that you're getting the best deals. Where you have suppliers that provide goods or services on credit, use the full payment terms. This is effectively an interest-free loan. If staff payments are eating into your cash flow, look at having flexible rosters that match the busy times. You should also separate your business and personal bank accounts and include a separate account for your compliance payments. For businesses that hold stock, work on managing your stock effectively as holding too much can tie up cash. It's all about having just the right amount of stock to service your customers. So if you have old stock, excess stock or stock that's not moving, then get rid of it. It's not always easy to see how you can improve your cash flow, so consider getting outside help. A bookkeeper or accountant can help you look at the key areas such as your sales cycle, your stock turnover and credit terms for suppliers and customers. Small Business Victoria provides access to free mentoring services through the Small Business Bus. You can even make a request for the bus to stop at your suburb or town. To wrap up, here's three things that you can do straight away to improve your cash flow. First, start invoicing regularly. Secondly, separate your bank accounts. And lastly, start a cash flow forecast. For more help, don't forget to talk to your accountant or go to business.vic.gov.au and search cash flow for checklist templates and tools.