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Business cash flow is all about having the money available to run your business to the highest levels of efficiency and service, and this can be crucial to the overall success of your business so it a very important area to focus on. Here are just a few tips to help you improve your business cash flow:
• Invoicing – invoices tell people what to pay you and when, and are an essential tool to ensure that the money you are owed comes in quickly so that you can use it for paying your own bills. The standard payment deadline on an invoice is between 10-14 days, and after that you should start chasing the invoice up vigorously.
• Large projects – if you are carrying out a large project that requires a significant investment in equipment, materials and wages then ask for a down payment on the main fee before you start. This will ensure that if the project is suddenly cancelled, or the client refuses to pay upon completion you have limited your initial losses.

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Whatever kind of business you are running you will be dealing with clients and customers at some point, and not all of them will be satisfied and happy with your product or service. Therefore it is important that you are prepared to deal with potentially awkward customers, as this is an essential part of your overall service:
• Listen to your customer – take the time to listen carefully to the reasons why your customer is dissatisfied, as in many cases people just want to have someone to complain to, and once they have aired their grievances fully they will be more receptive to agreeing to a solution. You may also find out important and valid points about your business, product or services which may need to be put right to avoid dissatisfied customers in the future.
• Keep your cool – there is no point getting drawn into an argument with the customer, as this does not benefit anyone, and can make you feel very stressed and upset. Keep cool, do not rise to any deliberate attempts to antagonize you, and if the customer is being abusive to you over the telephone inform them you will put the phone down unless they can talk to you in a more reasonable manner.

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It is very important in business to maintain a professional image, and this will help you to deal quickly and efficiently with both customers and suppliers. Here are a few top tips for how to present a professional image:
· Dress appropriately – if you are going to meet clients or suppliers then make sure you dress smartly and in a business-like fashion, as you will be physically representing your business and it is important to make a good impression.
· Business-Like Attitude – don’t allow yourself to become distracted by personal issues, and when you are at work try and leave your problems at home. Never take out worries and concerns on your colleagues, clients or suppliers and even if you are feeling tired or distracted keep your mind on work and maintain a polite, attentive attitude.
· Business Premises – if you have an office at home it may not be appropriate to arrange meetings there, especially if you have young children as this can not only be distracting but does not present the most professional image, so try and arrange meetings at a more neutral venue such as a business lunch in a local restaurant.

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The most important step you need to take when setting up your own business is to write a business plan.  This will help you to focus your ideas and put in place some realistic plans for the future, and is also a very useful tool if you need to explain your business to investors or financial backers.

Most lenders will not even consider you for a business loan unless you can present a clear, realistic business plan to them, and so it is vital that you write up a plan before you start putting another motions in place.

As well as a business plan you will need to think about business premises, and you may want to set up an office from home to start with to reduce costs.

Try to separate your home office from the rest of the house to create a more focused working atmosphere, so set up a separate computer, phone line and filing system to ensure that everything is kept organised and professional.

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If you are setting up a new business it is important you understand the various business structures available, so that you can work out the most beneficial set up for the type of products/services you want to provide:
• Sole Proprietorship – this is a quick and easy way to set up a business and there will be no specific costs related to starting up your business.
• General Partnership – this is another easy process to set up, but you will need to be very careful about setting up the agreements with your business partner relating to the method for sharing profits and losses, how much capital each partner is putting up front and how the partnership will be dissolved if it needs to be at a later date.
• Limited Partnership – this is similar to a general partnership, but the limited (inactive) partner will be protected against legal liability in terms of any costs or debts if the business collapses or goes bankrupt. In this sense the business exists as a separate legal entity, kept apart from those individuals who create and have invested in it.

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