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5 strategies to improve your cashflow June 12, 2008

Posted by businessgrowthmastery in Entrepreneurial, Financial Management, Operations.
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One of the biggest challenges that businesses of all sizes face, is maintaining a healthy cashflow.Although I said that businesses of all sizes face this challenge, the ones that feel this challenge the most are typically SMEs.

It can be more difficult for smaller businesses to manage cashflow as they are usually dealing with smaller amounts and ensuring that sufficient money is available to pay suppliers and salaries can put a major strain on even the most successful business. This strain is often felt the most by the owner manager!

Many businesses focus on increasing their sales and profits and often fall into the trap of forgetting about cashflow. If you are making lots of sales and profits, then there will surely be plenty of cash available in the business, right?

Unfortunately, no, it isn’t right!

One of the main reasons businesses fail is poor cashflow. A business can survive for a long time with making a loss as long as they have sufficient cash, but they can’t survive without cash even if they are making good profits.
If you are not sure why cash and profit can be so different, please get some support

 

BGM Mentor Services

can provide you with professional FD level support that will help you with this and many other challenges faced by growth businesses.Ever heard the phrase – Cash is King?

When it comes to running a business, there isn’t much more closer to the truth. Effective cash management is vital to ensure that your business can survive and thrive.

So how can you manage and improve your cashflow? Here are my top 5 tips to help you along the way….

 

 

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