Roy Steinberg’s golf apparel business was in full swing in Albany, Georgia, but his business needed additional cash flow to increase inventory and meet demand. With guidance from the University of Georgia Small Business Development Center, Steinberg was able to develop a strong financial plan to refinance existing loans and improve cash flow. His hard work paid off—sales for his business, Steinberg Sportswear, have tripled.
By Barbara Nuss, CPA
Founder, Profit Soup
In our recent blog, Prepare for Profits – 2025, Part 1: Your Cost Structure May Never Be the Same, I shared my thoughts about how policy and economic changes might impact cost structures in 2025. I stressed the importance of monitoring your 5-Line P&L. This “Part 2” continuation lists 8 things you should do today to help fight the profit pinch in 2025.
If you have the financial capacity to act early on purchases you would make in 2025 anyway, you might consider stepping up now.
Talk to your accountant about forecasting cash flow under multiple scenarios so you can plan to have adequate cash reserves or credit lines, Establish a cadence for comparing actual results to budgets by the 15th of each month.