Posted by: changholt | February 5, 2015

10 tips to better manage your CASH FLOW

Cash Flow is King – 10 tips to manage it.

Sales ReportAs much as we love to grow businesses, one thing we have learned throughout the years is the important of managing your cash flow. All too often we have seen clients with strong sales and market entry strategies, but not pay attention to their financials. In particular, they don’t manage their cash flow. Even successful organizations need strong analytics to manage their cash flow. Here are 10 tips to manage your cash flow better (from my friends at Quickbooks, although any program should work fine).

  1. When will they be profitable? – Determine your breakeven point.
  2. Once you reach your breakeven point, focus on your cash flow and not your profits.
  3. Always keep some emergency funds – maintain cash reserves (for the unexpected).
  4. Be prepared and use a cash flow worksheet.
  5. Get your money. Collect receivables ASAP.
  6. Get your money part II. Create incentives for your customers to pay faster.
  7. Don’t give them your money until you have to. Extended payables as long as possible.
  8. increase your revenue, with creative sales incentives/spiffs.
  9. Make sure to monitor the cash flow — Prevent surprises.
  10. Use technology to your advantage – there are dozens of software programs, storage programs and security programs that will help you measure and manage your financials safely and securely.

Remember, if you can measure it you can manage it. To read more about CASH FLOW

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