Project Cash Flow Checklist

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Project Cash Flow Checklist:

• Refine and double check each project estimate along with working plans elaboration;

Optimize estimates as your work specifications become more profound. Avoid underestimations.

• Predict and avoid cash-flow shortages that may impair normal project operations;

Prioritize the critical operations and protect them against possible cash shortfalls.

• Consider ways to reduce direct and indirect project costs and overhead expenses;

For example outsourcing can be a solution to minimize expenses on some functions.

• Seek multiple stage payments for services in order to retain more cash at your hands;

Aspire to use progressive payments in order to minimize cash outflow: bill as soon as work has been done or order fulfilled.

• Negotiate extended (increased) credit from the project suppliers;

Increase the credit limits provided to you by your suppliers and use barter to acquire goods and services where it is possible.

• Pay promptly only when worthwhile discounts or benefits are offered;

Use your business credit card to pay for supplies.

• Consider depositing project funds until they are actually in use;

You may deposit project cash in a bank to earn some extra income passively. Put excessive cash to produce value in a high-interest savings account.

• Understand all contract terms and make sure conditional wording is safe to your cash-flow;
• Sell off or lease some unused or unproductive assets to convert them into cash;

Sell all obsolete or excessive inventories and assets.

• Reduce amount of inventory in stock (economize on storage space);

Control purchasing function to ensure the project doesn’t become overstocked.

• Lease assets (where it is possible) instead of buying;

Consider leasing a unit of equipment, vehicle, or IT system instead of purchasing it.

• Extend debt repayment periods;
• Accelerate incoming cash-flow from customers:
  • Increase sales with cash payments (sell additional services and packaged offers);
  • Offer a small discount to customers who pay early;
  • Increase prices for slow payers (add late payment charges or fees);
  • Decrease the amount and time of credit provided to customers;
  • Intensify collection of payments and be less tolerate when granting credits;
  • Focus attention of customers on terms and conditions of sale and late payment penalties;
• Defer some project features or benefits which cannot earn acceptable cash paybacks;

Sometimes it makes sense to reduce amount of work (to make a trade-off on the project scope) to withdraw poorly paying project features for the sake of a faster project payback;

• Install and use effective accounting system of your choice.

That system can be used to invoice customers, pay bills, and track the cash-flow of your project.

• Promote a corporate culture...

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