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Cashflow 101 for Small Business Owners
Manage episode 397612095 series 3448465
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In order to maintain a profitable business, small business owners must properly manage their cash with organized systems that provide an accurate outlook on potential gains and losses.
In this episode, I focus on best practices for invoicing, payment term negotiations, and cash flow forecasting to ensure your business is sustainable and thriving with positive cash flow.
In this episode, you’ll also hear:
- Benefits of timely invoicing and automatic payments
- Understanding profit and loss for your business
- Essential cash flow projections and cash reserve plan
Must-listen moments:
[00:01:30] What happens when you don't invoice your clients is you end up with a cash flow problem.
[00:05:46] Your profit and loss is going to show you the income and expenses and it will identify trends that are happening, and it will help you to anticipate potential challenges and help you make informed decisions.
[00:07:50] You need to implement streamlined invoicing processes, create standard payment terms and engage in proactive cash flow forecasting and revisit it often.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
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