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A message from our VIP Member, Danielle T. Douglas, President, Inspire Enterprise, Inc. (*)
Sixty percent of small businesses are having cash flow issues due to the economy. The American Express OPEN Small Business Monitor releases each spring and fall results from a survey they conduct of small business owners/managers of companies with fewer than 100 employees.
Cash Flow refers to all the money that comes into your business and goes out of your business. It is the lifeblood of any and every organization. Without sufficient cash, a business cannot survive.
Cash management involves these three steps:
- Measure your cash needs. How much do you need, when do you need it, and what it will be used for.
- Seek potential funding sources. Identify funding sources that offer terms that are in alignment with your goals.
- Monitor ongoing cash needs. Establish goals for cash flow and use these goals as a benchmark to monitor your ongoing cash needs.
Tip: The quicker cash is generated and brought back into your business, the more cash flow you will have to work with.
Here are ten additional tips that you can implement immediately to bring more cash in your business:
- Identify customers who have paid you in the past thirty days
- Aggressively pursue overdue accounts
- Offer incentives for early payments
- Offer convenient payment options (cash, credit cards, or checks.)
- Bill on a timely basis
- Make wise inventory purchases
- Liquidate slow-moving or obsolete inventory
- Increase sales and marketing to sell your product/service
- Buy from companies offering longer payment terms
- Negotiate payment terms that allow you to pay based on when the services are delivered
Use these tips to utilize your cash more effectively and maximize your internal sources of cash to maintain and grow your business.
Please take five minutes to fill out the Cash Flow Survey. My goal is to help small business owners who are experiencing this issue. In order to do that, I want to better understand what your frustrations are.
As a token of my appreciation, I am offering anyone who completes the survey, a thirty minute consultation at no cost. Once again, thank you for your time.
Much success to you!
(*) All information on this page is solely for informational purposes. Any participation on anyone's part will be the sole responsibility of the participants.
