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Minister of State for Business and Enterprise Mark Prisk with cash flow tips for small businesses

Minister of State for Business and Enterprise Mark Prisk: invoice early for good cash flow Mr Prisk advises small businesses. Photo: BIS

Top tips for small businesses from Business Minister Mark Prisk

NOTICED this useful tip from the Minister of State for Business and Enterprise Mark Prisk today: ‘If you don’t ask, you won’t get.’

Mr Prisk advises: “Invoice as soon as humanly possible after supplying your goods or service. The sooner the invoice is received, the sooner it can be processed and ready for payment, and the sooner you can identify any problem or dispute that might hold up payment.”

All useful stuff from Mr Prisk, published by The Institute of Credit Management (ICM) which has a monthly ‘tip’ for small businesses to better manage their cash flow published in association with the Department for Business, Skills & Innovation (BIS).

“However big your business, cash flow is critical to survival and success. Whereas larger companies may have sophisticated in-house credit management teams to help them, smaller companies are often so focused on the day-to-day challenges of running their business that cash flow management can sometimes be overlooked,” Mr Prisk adds.

The cashflow ‘tips’ are derived from the series of Managing Cashflow Guides published by the ICM for BIS.

You can view the monthly ‘tips’ for small businesses here: www.creditmanagement.org.uk/bisguides.htm.

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