How to Solve Cash Flow ProblemsSubmitted by Mission Financial Planning on February 4th, 2015
Sharon was recently interviewed for an article published on the Direct Capital website titled How to Solve Cash Flow Problems: 24 Experts Reveal Top Tips for Fixing Small Business Cash Flow Issues. Here's an excerpt from that article:
My #1 tip for small businesses dealing with cash flow issues is to…
Move to zero-based budgeting – where every line item is budgeted at ZERO, and every purchase or expense requires approval/scrutiny.
Examine how many employees are licensed to use cloud-based software, do you really need that many? Have you shopped merchant fees lately? Negotiated phone service?
My favorite thing to suggest is to fire any “guys” you have — Coffee “guy”, plant “guy”, copier “guy”, for example. Staff – and owners – may need to chip in like they did in the early days of the company and DIY.
The most important thing to do during a cash flow crisis is to exhibit strength, enthusiasm and dedication as a leader – don’t let financial stress impact staff morale or the excellence you provide your customers.