A little forward planning can go a long way to ensure that, as far as cash flow is concerned, you start the New Year on the right foot.

Here’s some topical advice from The Better Payment Practice Group: 

"1. Be aware that without forward planning the Christmas close-down period could delay payment to your firm substantially if your customer has strict payment cycles;
2. Ensure that you are aware of your major customers' Christmas opening hours to avoid wasting time when chasing payments;
3. Do not let credit limits get out of hand because of extended payment times over the December and January period;
4. Do not get behind with your own invoice and statement schedules over the Christmas period;
5. New customers seeking large credit facilities over the Christmas period may be hunting for credit from unsuspecting (and busy) suppliers;
6. Plan and budget your own expenditure over this period because, inevitably, payment terms can be disrupted over December and early January;
7. If payments from customers are due during close-down periods, attempt to negotiate earlier payment dates;
8. Take action on those accounts that are beyond credit limits now. Do not wait until the New Year when your debtors will have other pressures;
9. Use the quiet, close-down period to review your terms and conditions, ensuring that they are up to date and that they include reference to interest terms;
10. Keeping to the above rules will ensure a Happy Cash Flow Christmas!"