Everyone knows the saying, “Cash is king!” While most business owners understand the importance of this mantra, many find themselves wondering how to improve cash management. This is particularly hard felt in growing businesses. Unfortunately, while sales may be booming and QuickBooks indicates your profits are great, all too often we hear business owners say, “Where’s the cash?”
While your profits may look good over a period of several months, your expenses may be outpacing the flow of cash into your bank account. This situation will impede your ability to realize earnings and plan for growth.
Developing processes and procedures to establish and maintain a healthy cash flow will ensure your ability to sustain and grow your business. There are a variety of opportunities to improve your cash position, including many that can be put in place today. Below are a number of strategies you can employ that will have the most significant impact on your cash position:
Watch our instructional videos on “Ways to Improve Cash.” Watch Video>
• Days Sales Outstanding (DSO) Watch Video >
• Days Payable Outstanding (DPO) Watch Video >
• To Discount or Not? Watch Video >
• Ask for Discounts Watch Video >
• Increasing Utilization Watch Video >
• Improving Inventory Management Watch Video >
These videos cover both general and more industry specific cash improvement techniques, such as professional services, manufacturing and distribution businesses. But there are many more options for every business.
Let’s guide your success…together! Contact us for a free assessment.