Help with rising costs
Visit our new hub for help managing the impact of rising costs. It includes cost saving tips,and resources to help your business plan ahead.
Late payments are a tough problem for small firms to deal with. Yet some companies won’t chase bad debts because they fear it will have a negative impact on customer relationships.
Take practical steps to stay in control of payments;
It’s also important to check your customers are creditworthy. If you accept larger orders from individual clients, take steps to reassure yourself that they’ll be able to pay. And refuse so-called ‘back-to-back’ payments - where you get paid when the customer gets paid, which can cause your business problems later.
It’s also a good idea to think about your supply chain as part of any creditworthiness checks you do. Our guide to supply chains could help you to map yours out and identify any areas to be aware of.
It’s wise to manage your stock and inventory effectively. Overstocking eats up cash, but equally try not to run out of stock either. If you’ve large capital payments to make, or your day-to-day costs are high, try to finance the company without putting pressure on your cash flow.
Could leasing work for you?
As well as standard loans, there are other options that might help your business to keep some cash in reserve.
However you finance your business, it’s important to have back-up plans in place. Small businesses rely on access to funds and the availability of cash, so an unexpected payment can quickly drain your business.
FreeAgent accounting software is free with your Ulster Bank business current account for as long as you retain your bank account. FreeAgent helps over 150,000 small businesses to manage their finances. Learn more about how it could benefit your business.
Specific account eligibility criteria apply. Optional add-ons may be chargeable.
Our interactive tool lets you see 90 days ahead into your predicted cash flow future and then test different scenarios by adjusting sales, margins and overheads.
The tool was built in partnership with FreeAgent, award-winning* accounting software.
This document is a forecasting guide for illustrative purposes only and VAT amounts are purely indicative. None of the content should be construed as advice on tax or financial matters.
*Friendliest Software of the Year, Institute of Certified Bookkeepers Luca Awards 2022.
Visit our new hub for help managing the impact of rising costs. It includes cost saving tips,and resources to help your business plan ahead.
Book a free and confidential Financial Health Check with one of our Relationship Managers today and we can help uncover key areas of focus for you and your business.
Learn how to manage your cash flow, take payments and employ staff.