Below is a Cash Flow Quiz You Can Fill Out & Email to Yourself

Below is a quiz covering some key areas to help you create a cash flow improvement strategy for your business. You can answer the questions by choosing the option most relevant to you, and at the bottom of each section, you can enter any thoughts that come to mind to help you develop an action plan.

When you hit ‘Submit’, the form will be emailed to you. You can also choose whether you want a call back from us to talk about how we could help you create your cash flow improvement strategy.

cash-flow

Are you carrying out regular cash flow forecasts?



Do you have a contingency plan in place e.g bank overdraft facility?


Input Your Action Items to Follow Up on Planning


Do you have a sales & marketing plan that will support you in growing your business? Do you currently have the time to execute this plan?



Can you define the Unique Selling Proposition (USP) of your product/service? Can you clearly define your market niche and how you differ from competitors?



How diversified is your revenue? Are you highly reliant on one product type, customer segment or customer?



Are sales reps paid commission based on sales made or on payments received?


Input Your Action Items to Follow Up on Sales & Marketing


Do you have a credit application form and criteria for deciding whether or not to offer credit? Do you set credit limits for customers?



Have you considered offering an early payment discount or insisting on a deposit up front for large purchases?



Do you have metrics in place to measure the success of your credit control function?



Do you regularly review problem accounts and define courses of action?


Input Your Action Items to Follow Up on Managing Debtors


Have you negotiated favourable credit terms and discounts with key suppliers?



Do you regularly renegotiate large value contracts such as subcontractors or rent agreements?



Are you managing inventory as efficiently as possible? When was the last time you reviewed this area?



Can you defer capital expenditure? Could equipment be repaired instead of replaced? Could second-hand equipment be purchased rather than new?



Would it make sense to outsource some functions rather than carry them out in-house?


Input Your Action Items to Follow Up on Managing Cash Outflows


Each business has different opportunities. Have you had your corporation tax and how you extract business profits reviewed by a tax expert?



Could you claim the R&D tax credit? If you have no corporation tax liability, this can be reclaimed as a cash repayment.



Can you make monthly payments to Revenue, rather than waiting to pay liabilities when they fall due?


Input Your Action Items to Follow Up on Tax Planning


Do you have a Quality Management System (QMS) like ISO 9001 in place? Are you utilising it to support business strategy?



Do you know how much mistakes such as rework or damage to customer relationships have cost your business in the last year?


Input Your Action Items to Follow Up on Error Reduction


Do your employees know that cash flow is a priority? Do they have targets that tie into cash flow?


Input Your Action Items to Follow Up on Making Cash Flow a Priority


Have you got a Risk Assessment and Health & Safety Statement in place?
(These are required by legislation but also protect you from employee lawsuits or criminal prosecution in the event of occupational injury, etc.)



Is the employee handbook, containing HR policies and procedures, written and implemented in a way that supports positive employee engagement and that protects you in the event of an employee grievance?



Do you carry out regular business assessments such as a SWOT (strengths, weaknesses, opportunities & threats) analysis?
e.g have you thought about how Brexit might affect you?


Input Your Action Items to Follow Up on Protecting Future Cash Flows

How are you planning to grow and expand your business?



Do you have a 3-year business plan? Do you know how to prepare a pitch deck for potential investors?



Have you considered raising private equity from angel investors or from state bodies such as the LEOs, Enterprise Ireland or Údarás na Gaeltachta?


Input Your Action Items to Follow Up on Growth


Would you like us to call you back to discuss how we can support you turning your cashflow situation around? If yes, please enter your name below.