By Mobilization Funding –
Do you know how much cash your business has available right now? Do you know what bills are due this week and which later in the month? Many business owners know what is in their operating bank account, but don’t have a clear picture of what expenses will be due and how much cash they really need to get through the month and (hopefully) net a profit. Cash flow management solves this problem.
Cash flow management is essentially the tracking and analyzing of how money flows in and out of your business, and then forecasting when new cash will be coming in and how/when you will use that cash. Cash flow management is particularly critical for small and mid-size businesses, as they often have less free capital available to help them cover unexpected costs, delays, work shortages, or their own growth.
Managing your cash flow sources and the consequent uses of that cash can literally make or break your business. A U.S. Bank study showed that 82 percent of small businesses fail because of poor cash flow management. (more…)
Next year’s tax season is probably the last thing on most people’s minds right now. Since tax season ended not long ago, most people think next year’s taxes can wait.
No doubt, as a small business owner, you bring an incredible amount of value to the table. It’s a huge task to get a company up and running and make it profitable. Most certainly, it requires a lot of attention and dedication. You might get so busy running your business that you forget about yourself. However, as your business grows, you should, too.
Nicole Horton and Martin Frannea, owners of Irie’s Island Food in Port Aransas, Texas, were getting ready to expand their business to a larger location as part of a 3-year recovery plan following the devastation of Hurricane Harvey. Then COVID-19 happened.
As a business owner, you have to stay on top of all your responsibilities. You have to oversee employees, implement a marketing strategy, communicate with customers, manage finances, and much more.