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Seven Tips For Improving Small Biz Cash Flow

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    Posted: Jun 20 2013 at 11:23am

By Quincy Miller, Executive Vice President Head of Sales for Business and Commercial Enterprise Banking for RBS Citizens Financial Group, Inc.

According to the Small Business Administration, more than half of Americans work for or own a small business. As a result, small businesses are responsible for nearly two in every three jobs created in the United States each year.

Most successful small businesses, regardless of industry, have a number of things in common. They have strong cash flow, they understand the competitive landscape in their industry and geographic region, and they have plans and the ability to deal with a range of variables in their industry and the overall economy. 

Successfully managing cash flow is one of the most important yet under-appreciated challenges faced by small businesses. Companies that have accelerated their receivables, streamlined their payroll and established more-advantageous payment terms and processes with their vendors, suppliers and customers have a definite competitive advantage in today’s marketplace, no matter their business.

In many cases, with business owners focused primarily on day-to-day operations, cash flow is only a focal point when there is a problem. But business owners who establish proactive strategies for cash management are able to avoid those problems and create new growth opportunities through reinvestment by making their capital work better for them.

Consider the following tips to improve cash flow:

Understand your operating cycle – Regardless of size, every business must deposit, monitor and manage cash; make payments; fund purchases; invest in their company; and receive payments. Reviewing and understanding each step in this cash flow cycle can help a company work more efficiently.  

Continued on SMBNow.com

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