As we’ve stressed since the beginning of the economic crisis, cash flow is essential to your businesses’ survival. In “Keeping the Cash Flowing,” Paul B. Brown of the New York Times shares ideas on how to improve cash flow in the coming months.
Cash-flow strategies from the New York Times:
- Know the Basics: Brown directs readers to Bankrate.com, a financial information website that offers this primer to help small businesses understand what cash flow is and how to track it.
- Double-Check Your Cash-Flow Analysis: Brown suggests using the sample worksheet offered by the Small Business Administration, which can be found by clicking here.
- Bill Early: Don’t wait to send out invoices when you ship a product or complete a job.
- Pay Later: By delaying payment until the last minute, you can increase the cash you have on hand. One tip from Entrepreneur.com is to use an electronic funds transfer.
- Spend Less: Brown concludes his article with this bit of advice, a surefire way to increase cash flow.
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