Here are 10 tips a business can use to improve cash flow. Before dealing with a new customer, always get at least three trade references and a bank reference. Credit reports, available from Dun and Bradstreet and others, report on a company's general financial health as well as how quickly or slowly it pays its bills. Never give credit until you feel comfortable with a customer's ability to pay. Fill orders accurately and efficiently, and then use the quickest means available to deliver products or services to customers.
Unnecessary delays can add days or weeks to customer payments.
The faster you mail an invoice, the faster you will be paid. Where possible, send an invoice with the order. If deliveries do not automatically trigger an invoice, establish a set billing schedule, preferably weekly. Check invoices for accuracy before mailing them. All invoices should include a payment due date.