10 Ways to Boost Cashflow for Your Business

Cashflow is the lifeblood of your business—and the most common source of financial stress for small business owners. At Nicole Hague + Associates Ltd, we help Christchurch businesses take control of their working capital, improve cashflow, and build profitable, sustainable businesses.

Here are 10 practical ways to boost your cashflow and keep your business thriving:

1. Lock in Your Terms of Trade Early

Before starting any project, agree to clear Terms of Trade. Outline when and how you’ll invoice, your payment expectations, and any late payment consequences. Solid Terms of Trade are essential for protecting your cashflow and keeping your business relationships professional.

2. Offer Flexible Payment Options

Encourage faster payments by offering incentives like small upfront discounts or requesting deposits before work begins. You can also explore outsourced funding options to smooth out your cashflow.

3. Invoice Promptly—Every Time

Delays in invoicing delay your cash coming in. Send invoices as soon as work is completed, following your agreed Terms of Trade. Delegate invoicing to a reliable team member so nothing falls through the cracks.

4. Simplify Your Statements

Present statements with two columns: Current and Overdue. Avoid mentioning 30, 60, or 90-day overdue periods—this can unintentionally signal to clients that late payments are acceptable.

5. Make It Easy to Pay You

Remove barriers to getting paid. Email invoices and statements using software like Xero, include clear bank account details, and offer credit card payment options. Convenience boosts your cashflow.

6. Track Payments in Real Time

Use cloud-based, real-time tools to monitor payments daily. Staying on top of your collections helps you act quickly if payments fall behind.

7. Assign One Person to Debtor Management

Avoid conflicts of interest by putting someone other than the business owner or sales team in charge of chasing payments. If needed, outsource debtor management to an experienced bookkeeper.

8. Follow Up Immediately on Overdue Payments

Check in with your client the day after completing the job to ensure they’re happy. If payment isn’t made by the due date, follow up the very next day—persistence pays off.

9. Pause Work for Non-Payers

Protect your cashflow by pausing work for clients with overdue accounts. Don’t accept new projects until outstanding balances are settled in full.

10. Use a Debt Collection Service When Needed

When polite follow-ups fail, bring in a professional debt collection agency. Make sure this process is covered in your Terms of Trade so it’s seen as part of your standard business practice.

Remember: A sale isn’t complete until the money’s in your bank account.

Struggling with cashflow or debtor management? Our expert Christchurch accountants can help you set up strong Terms of Trade, improve collections, and unlock working capital for your business.

Contact Nicole Hague + Associates Ltd today—let's boost your cashflow and reduce the financial stress.