Cashflow 2014: Maiden Voyage
Name: Maiden Voyage
Based: Halifax
Website: www.maiden-voyage.com
Good cashflow is essential to our survival as a small business so to keep it healthy we always do the following:
1. Sell as much as we can overseas – as many of our essential purchases are based in the UK, this makes us very VAT-efficient.
2. Never conduct any services without getting payment upfront.
3. Call suppliers a week after we have invoiced them to check that they have the invoice and if they foresee any issues in making payment.
4. Set our payment terms at 14 days.
5. Chase overdue payments on the day they are due.
6. Pay invoices on their due date and no earlier.
7. Use a cashback credit card for business expenses.
8. Use TransferWise for cheaper international transfers.
9. Have commission-based sales teams, where outlay is based on sales/results.
Carolyn Pearson is the chief executive of Maiden Voyage.