Home featured Advice Cashflow Featured Advice What you need to know about credit Dynamic Business July 8, 2019 It’s no secret that inadequate cash flow is one of the main reasons why businesses fail in Australia. Dynamic Business only recently talked about this issue last week, with new research commissioned by H&R Block found that the biggest struggles for small businesses across Australia are: ‘cashflow’ (35%) ‘marketing effectiveness’ (30%) ‘lack of support’ (19%) ‘hiring the right people’ (18%) This sees cashflow as the biggest reported problem for business owners trying to survive. If you’re reading this as a small-to-medium business owner, you probably know what it’s like to balance many different job roles. Many SME leaders are juggling the demands of being CEO, Head of Marketing, Manager of Sales, Chief Accountant and many more positions… all at the same time! While this can be exciting and fast paced, not to mention probably necessary in the early days, it means that no two days for an SME are alike – making it increasingly difficult to forecast and consider future risks ahead. Credit management is an area easily overlooked due to its complex nature. Matters such as implementing your debt recovery routines, understanding policies and getting your head around countless credit acronyms (What does PPSR even stand for?), can be overwhelming and hard to navigate through. You’re a business that wants to get paid and needs to get paid at the end of the day. However, if you’re already time and money