A healthy cash flow is essential for growing your company and keeping your business operating smoothly. Following these tips will help you manage your cash flow effectively:
Monitor Accounts Receivable – Always keep a watchful eye on which customers owe you money. A weekly review of your account receivables will ensure that no overdue bills escape your notice. Don’t let your business be burdened by a slow-paying customer.
Don’t Pay Until You Need To – A good strategy to manage your outward cash flow is to delay paying your vendors until you need to. If they are not offering you a discount for paying early then wait until your bills are due. Having a few more days with extra cash on hand can make all the difference when money is tight.
Prepare For The Unexpected – The first rule of war is that nothing goes according to plan. The prototypical hockey stick chart of skyrocketing revenue rarely ever happens. Be sure to have enough cash stored away for when your business hits an unexpected speed bump.
Find Alternative Sources – When banks aren’t lending, small business owners are increasingly turning to alternative options to keep their businesses viable. Global Leasing & Finance Group offers cash flow solutions to manufacturers, dealers, equipment repairers and owner operators. We provide account receivable funding, purchase order financing, equipment repair loans and specialty financing for seasonal or non-traditional needs. We help your business finance your business!