Written by Shane Miller, Business Banking Manager – Suncorp

In today’s tough financial environment, it is more important than ever to be vigilant and keep a tight rein on cash flow, according to Suncorp Business Banking Manager, Shane Miller.

“The global financial crisis has caused widespread uncertainty and some businesses may find they are experiencing cash flow problems,” Mr Miller said.

“We find that many businesses do not recognise the early signs of cash flow problems, and are slow to take action and talk to their bank. If left too late, the bank might not be able to help and some business owners can find themselves in a desperate situation.”

Mr Miller said some of the signs to look out for include:

• Extension of payment to creditors beyond agreed terms
• Working accounts at limit of overdraft or available funds
• Finding it difficult to manage levels of debt within overdrafts or available funds
• Juggling bills
• Overdrawing or having excess on accounts.

He also added there were a number of initial measures businesses could take to relieve some cash flow stress.

“Check for immovable stock and find innovative ways to dispose of it. Also, vigilantly follow up customers who may be running late with invoice payments.

“However, if you find you are encountering these problems regularly you should talk to your bank,” Mr Miller said.

“Do not use your bank as a ‘bail point’. Stay upfront and honest and they’ll be able to provide some solutions.

“I have helped many of my clients by arranging overdrafts, increases, restructuring current debt or in some cases, organising debtor finance,” Mr Miller said.

“How we can help may differ case by case but it is important to know that we’re here to find ways to give customers confidence in their business finance.

“I get great satisfaction out of meeting my clients at their place of business and creating the most effective deposit and transactional banking package for their individual business needs.”

Suncorp has a dedicated team of experienced Business Banking managers and deposit and payment specialists who will take the time to understand the needs of your business. If you would like to discuss how Suncorp can help you respond to these changes in our economic environment, please call Suncorp Business direct on 13 11 75 and your call will be answered by a business specialist – not a machine.