The Bank of England has warned that in the current state of pandemic shock, the UK economy could end up with an aggregate cash-flow deficit of nearly £140 billion between March 2020 and March 2021. To prevent and counteract this, The Bank of England urged companies to finance their cash-flow deficits to avoid situations that would cause longer-term economic damage.
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In the trucking business, customers who pay 30 to 60 days after delivery is normal. This is why most trucking companies invite as many investors as they can to keep their company liquid.
Working capital refers to the cash flow that your business has on hand to operate. A smart business owner knows to utilize multiple financing routes to cover expenses, which frees up cash and eases the burden on any one source of capital. This sustains working capital, which can be used for any day-to-day expenses or for taking advantage of innovations or new chances for development for your business.
Building a business from scratch is not child’s play, and building one that lasts for the long haul is even more difficult. Among the multitude of factors that influence a business such as the market you foray into, your timing, the socio-political scenario of the country and a solid business plan – most are out of our control. What we can control is the internal operations of the business.
Are you a small business owner contemplating whether or not to accept credit card payments? If so, I’ve outlined some of the benefits below that you should consider when making your decision. Note that the perks of accepting credit card payments are for both your business as well as for your customers. And we all know that if the customers are happy, the business is more prone to be a continued success.