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If cash is the king, how do you manage the cashflow?
Manage episode 401449936 series 3114980
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Cash flow management is an essential aspect of business that often requires a well-thought-out strategy to ensure a company remains in the black, rather than incurring debts that could lead to its downfall. Businesses can fail when they overlook this concept, with 80% of such cases being attributed to this oversight. It's crucial that sales exceed expenses and that clients are chosen wisely to guarantee collectibility. Professionals like lawyers may request retainers to ensure timely payments.
Advancements in technology have facilitated cash flow management, and implementing certain strategies can help keep a business profitable:
1. **Track Time and Value:** Measure the time spent on client work against its value, identifying economically fruitful projects and delegating less profitable tasks. For example, tasks like sending emails can be delegated to staff members at a lower cost.
2. **Automate Invoicing:** Utilize software like Quickbooks Online or Invoice Sherpa for invoicing to streamline the process.
3. **Prioritize Payment Collection:** If feasible, collect credit card information in advance and keep it on file for faster payments.
4. **Use Cash Flow Applications:** Applications like Helm can be used to monitor cash flow in real-time.
5. **Budgeting Tools:** Applications such as Budgeto can provide insight into cash needs and help with forecasting.
6. **Offer Additional Services:** Provide complementary services to increase revenue.
By leveraging technology and adopting these strategies, a business can enhance its cash flow management and maintain a healthy financial standing.
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