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Read MoreCash is King in today’s tough business environment!
A sale is not a sale until the money is in the bank. Too many businesses in today’s environment do not place enough emphasis on getting paid. New Zealand firms took an extra two days to pay already delinquent debts in the December quarter 2011 (two weeks above the standard 30 day payment). Almost 60% of local companies made late payments in the first three months of the year. No industry managed an average trade payment time of lower than 39 days. Without cash you cant pay anyone. In the same way a plane cant fly without fuel, a business cannot run without cash. A business that is profitable can still fail.
What does this mean?
Cash flow for New Zealand businesses is expected to remain under pressure for 2012. When times get tough, money gets tight. And when money is more difficult and expensive to borrow, it's especially important for small businesses to take steps to ensure that their cash flows keep flowing.
The importance of account management and sound credit management practices is crucial in today’s environment. Small businesses need to treat their accounts payable as one of their major assets and manage them accordingly.