// PREDICTIVE INTELLIGENCE // after the pennies and the pounds will take care of themselves’ is true – every saving can contribute towards a healthier bank balance.

Similarly, try to liquidate slow moving inventory to free up cash tied up in stock that may be containing the business’ s cash flow, or avoid under or overstocking generally. Meanwhile, maintaining a good relationship with your customers and suppliers is crucial to win trust and build stronger bonds that make negotiating longer payment terms easier and discounts more likely to come your way.

Improving efficiencies across your workforce will help streamline workloads and improve productivity. For example, look to optimise work processes by removing any unnecessary steps and automating repetitive tasks, as this can avoid bottlenecks and mitigate time wastage. Elsewhere, prioritising staff training and ensuring they are onboarded effectively can avoid issues down the line. By making sure they are well equipped from day one, this can avoid any issues or mistakes that become habitual, while keeping up with training can help ensure they are performing their tasks at an optimum.

Beyond these tactics, businesses are able to further drive down their cash flow headaches by harnessing the latest tools and products that could give customers up to 44 days of interest free credit on all business purchases. Such solutions could help to make business payments and expenses easier to manage, as one relationship creates‘ less work’.

Helping everyone thrive

It’ s a tough climate for the UK’ s SMEs; our insights show that one of the biggest issues that are impacting cash flow are late payments. That’ s why business owners and proprietors are increasingly looking for ways to simplify their operations and improve efficiencies, making these arduous tasks less work.

There are many ways to achieve this throughout an organisation focusing on what works best for them and their needs. By now it is universally accepted that consolidating processes and improving efficiencies by utilising an all-in-one solution helps achieve this by enabling more simplicity and easier management.

In doing so, SMEs can re-focus their attention to those big-ticket items that require their expertise and attention and will ultimately mean the business can focus on its own success and that of the economy. �

SMES CAN RE-FOCUS THEIR ATTENTION TO THOSE BIG-TICKET ITEMS THAT REQUIRE THEIR EXPERTISE AND ATTENTION AND WILL ULTIMATELY MEAN THE BUSINESS CAN FOCUS ON ITS OWN SUCCESS AND THAT OF THE ECONOMY.

Intelligent SME. tech

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