- This topic has 2 replies, 3 voices, and was last updated 1 year ago by Kevin Amolsch.
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May 3, 2023 at 12:38 pm #1279Russell A DyerParticipant
Hi there, I’m an entrepreneur running a small business and I’m having trouble managing my cash flow efficiently. Can you share some practical tips and best practices for effective cash flow management that I can implement to ensure the success of my small business?
May 3, 2023 at 12:39 pm #1280Richard BrodyParticipantHere are some practical tips for effective cash flow management that entrepreneurs can implement to ensure the success of their business:
1. Simplify billing and invoicing processes to encourage timely payments and reduce late payments. This can include adding one-click payment links, offering alternative payment options, and updating payment terms to include incentives for early payments and penalties for late payments.
2. Create a cash flow forecast using a specialized accounting tool or a manual Excel or Google Sheets document to estimate monthly inflows and outflows. This helps identify potential cash flow problems and gauge the impact of changes in income or outgoings.
3. Build up cash reserves by setting aside money in a separate, interest-bearing account. Aim to set aside around 2–6 months of essential operating costs to protect your business from poor cash flow management.
4. Negotiate with creditors by renegotiating existing contracts, paying off debt with smaller but more frequent payments, negotiating reduced interest rates, bartering goods and services, or negotiating payment terms for large orders.
By following these steps and seeking professional advice or using specialized tools to streamline the process, entrepreneurs can take control of their cash flow and prevent strike-offs.
- This reply was modified 12 months ago by OnPage.
May 3, 2023 at 12:40 pm #1281Kevin AmolschParticipantAs a user of fintech platforms for my small business, I highly recommend taking advantage of their invoice financing, business loans, and cash flow management tools to overcome cash flow problems. With invoice financing, I can get paid upfront for outstanding invoices, which greatly improves my cash flow. The quick and easy loan application process is a lifesaver when I need cash quickly but don’t have the time or resources to go through a traditional bank. And the cash flow management tools provided by fintech platforms help me better understand my cash flow and make more informed spending decisions.
I highly recommend utilizing fintech platforms to manage your finances effectively and overcome cash flow issues in your small business.- This reply was modified 12 months ago by OnPage.
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