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A strong cash flow is good for business and good for you. If your company’s cash flow isn’t as healthy as you’d like it to be, here are some things to consider. Rely on Reports What you don’t know can hurt you, especially when it comes to cash flow. If you’re not already checking them, start generating cash flow and cash balance reports on a monthly basis. If your figures are “off” for even a few months, find out why. A problem could be lurking. Market, Market, Market When things are slow, developing new business opportunities is critical to your cash flow — and perhaps, your company’s survival. But it’s also critical when things are good. You can’t afford to be complacent about the future. If you stop devoting time to growing your business, your success may be short-lived. Look at Limits In a cash crunch, many small business owners instinctively dip into their personal accounts to help their businesses over the hump. While this may be simpler and faster than some other solutions, it could turn disastrous for an owner’s personal finances if the business is seriously failing. If you haven’t already decided how much of your personal assets you’re willing to invest in your business, now may be a good time to come up with a limit. Create a Credit Line Even if you’re doing everything right, you could still hit a rough patch. Or, an opportunity might come up that requires some quick financial maneuvering. Instead of using your own money, consider using a line of credit. For maximum flexibility, establish a line of credit for your business before you need it. If you wait to apply until you’re in a bind or a hurry, you might be turned down. Wedded Bliss If your personal and business finances are intertwined, your planning should integrate the two. We’d be happy to review your situation with you. |
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