Cash Flow management is one of the most critical success factors for small businesses. Many successful businesses have run into problems because of poor cash flow controls.
Most business owners see growth as the solution to a cash flow management problem. That’s why they often achieve their goal of growing the business only to find they have increased their cash flow problems in the process. Plan for growth and investment so they that there are no surprise later on. Here are 5 practical areas to consider in order to better manage cash flow for the growing business.
- Proactive Collecting of Receivables
- Tighten Up Credit Requirements
- Increase Sales beyond current levels
- Pricing Discounts for Early Payment
- Securing Short-Term Loans
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| CASH FLOW PROBLEMS |
Every business must have an effective cash flow system in order for their business to success. Cash flow is the single most important business issues for SME’s and the most common reason given for businesses who run into financial difficulties. In most cases cash flow can be improved in most situations provided the situation hasn’t been allowed to get too far out of hand.
In this video, Brad Lamb, CEO of Lamb Development Corp., shares his best practices that can result in a more profitable cash flow.
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