You could face any number of challenges as you nurture your small business, and struggling to come up with the perfectly punny name doesn’t even make the top 10. One of the most notorious problems for small businesses involves something far more serious — failure to manage cash flow. Smaller businesses, especially young businesses that
Starting a small business comes with countless questions and concepts to ponder and analyze. Among the most essential is cash flow. Caron Beesley describes its importance as “the lifeblood of a business and critical in its growth” in a story for the small business administration website: “Small businesses are hugely dependent on their cash flow,
Ok, so you’ve made the decision to outsource your cash and payment management duties to an appropriate expert and need to find the right provider. First and foremost, kudos on making one of the most beneficial business decisions you’ll ever make as, at the risk of sounding a little all-encompassing, outsourcing treasury duties IS the
Even the most visionary business can be derailed by cash flow problems. In fact, a recent survey found that a staggering 82% of start-ups and SMEs fail due to inadequate cash flow management. So it’s vital that you know some of the most common pitfalls – and how to avoid them. 1. Overspending too early.
Having cash on hand is an inherent part of doing business, but it also requires that business owners take proactive steps to make sure that all activity related to cash handling is accounted for and properly protected. Here are five steps toward safer cash management. Establish processes for keeping employees accountable. Cash management starts with