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Cape Town - The last thing small business owners want over any holiday period is a cash management crisis that could result in financial harm to the business and pain for staff and or customers.
Referring to the upcoming Easter and holidays in May, Ravi Govender, Head of Small Enterprises at Standard Bank, said an effective cash management plan could mitigate against potential risks at a time when increased spending by consumers is likely to result in higher turnover.
Govender lists top five business tips for managing cash flow and playing it safe over the holiday period.
1. Safeguard your business against risk;
2. Stay informed about your cash management processes;
3. Educate your staff about your cash management value chain;
4. Manage your cash handling logistics; and
5. Extract the most value from your cash management system
Click on the image for a full explanation.
Referring to the upcoming Easter and holidays in May, Ravi Govender, Head of Small Enterprises at Standard Bank, said an effective cash management plan could mitigate against potential risks at a time when increased spending by consumers is likely to result in higher turnover.
Govender lists top five business tips for managing cash flow and playing it safe over the holiday period.
1. Safeguard your business against risk;
2. Stay informed about your cash management processes;
3. Educate your staff about your cash management value chain;
4. Manage your cash handling logistics; and
5. Extract the most value from your cash management system
Click on the image for a full explanation.
