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How to manage your cash flow

Read the latest news from Travellers Choice here. View our media releases and articles, learn more about Travellers Choice members and hear from our talented Senior Management Group and National Business Development Managers.

12 Feb 2018 Business Tips

With holiday-makers returning from their travels ready to book their next adventure, now is an ideal time to ensure that the new bookings coming in are also assisting your cash flow!

With more partners, particularly in the cruising sector, promoting longer lead times, the ability to secure large volume bookings in your forward business provides a forecast of future income and stability, but it doesn’t help you manage your current cash flow. Cash flow allows you to operate a successful independent business and it is imperative to ensure your cash flow is supporting the needs of your business, whether it be your rent, your utilities, staff wages or other overheads. 

Below are some points you may like to consider and tools that you can utilise to help you manage your cash flow more efficiently.
• Have you scrutinised your overheads to ensure you are paying competitive rates for your utilities?
• Have you looked at all your overheads and reviewed what is a necessity and what could be reviewed and/or removed?
• Do you have a marketing strategy that ensures the products you are showcasing always have an element that requires a short lead selling time or instant purchase?
• Do you currently have a system whereby you are across your weekly or monthly cash flow? It is critical to ensure that receipts (inflows) exceed your expenses (outflows). 
• You may recall that AFTA conducted a number of ‘DFK Better Business Series’ webinar sessions last year, discussing the difference between cash flow and profit in your business. These webinars are still available online and worth reviewing. 

Hot tip
Many members have been successfully promoting our exclusive TripADeal products with multiple bookings being made. What these members have discovered is that it requires little time from a consultant's point of view, provides good return on investment from a commission point of view, and the instant purchase gives their business instant cash flow. Whether it be TripADeal or other products, don't be afraid to push products that require an instant purchase to your clients - the business advantages are too good to miss out on and remember, cash is king!

Words by Nicola Strudwick, General Manager Sales

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