5 ways to improve cash flow in your business
Cash flow is what keeps a business open. Here are five practical ways to get money in sooner, keep it moving and give yourself a safety net.
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I tell every business I work with the same thing: I won’t walk away until I’ve done everything I can to try and give an improved cashflow options, improved customer service and improved clarity on costings. Cash flow comes first for a reason. You can be profitable on paper and still struggle to pay staff and suppliers on time. These five changes make a real difference.
1. Get your card takings faster
If your takings sit with your provider for days, that’s your money working for someone else. Dojo offers next-day settlement options, even at weekends and on bank holidays, so card sales reach your account sooner.
2. Take deposits and pay-ups in advance
No-shows and late payers drain cash. Send a payment link to take a deposit when someone books, or to get paid for a phone order before it leaves the building. There’s no monthly fee for Dojo payment links.
3. Never lose a sale to downtime
Every hour your card machine is down is an hour of lost takings. Dojo machines switch from Wi-Fi to 4G automatically, which is exactly what made the difference for Livesey’s Butchers on Preston Market.
“When the Wi-Fi has gone down, which it does happen, it connects to 4G as well, so you can always carry on taking payments.”
Sam Livesey, Director, Livesey’s Butchers, Preston Market
4. Spread costs and earn cashback
The Capital on Tap business card, available through Dojo, lets you buy stock on a credit facility, earn 1% uncapped cashback on that spend and get one monthly invoice that shows everything in one place. It also means you don’t have to give your main bank details over the phone.
5. Have a safety net ready
Dojo Flex Funds gives eligible businesses fast access to funding that’s repaid as a fixed percentage of daily card sales, so you pay less when it’s quiet and more when it’s busy. Approval is through Dojo’s partner Liberis, and every repayment frees up your balance to draw again.
Questions
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Want better cash flow?
Tell me how you take payments today and I’ll show you where cash is getting stuck.