Is your small business having problems with its finances – specifically with cash flow? Finding the answers to this common problem can be tough. Thankfully. there are some things that business leaders and owners can do to solve this issue and prevent it from recurring in the future. No matter your budget, there are always ways to increase your sales and grow your business. Here are a few ideas to get you started to increasing your cash flow:
- Current Clients – Talk to your current clients who already know your business and have had positive experiences with you and your company. It’s much easier to upsell a client who already is familiar with your work, the quality of your product and services, and has already incorporated aspects of your services into their business.
- Ask for Referrals – In addition to adding services or products for your current clients, ask them to provide you with client referrals. If you know that a client is satisfied and happy with your products, ask him or her for the names and contact information of other small business owners who might also benefit from working with you.
- Re-evaluate your Pricing – When was the last time you looked at the pricing of your products or services? If your pricing is too affordable, you won’t be taken seriously. But if your pricing is too expensive, you will lose some business to competitors. Complete some careful research about the prices of your products as compared to competitors and how a price change may impact your business.
- Create Incentives for Ontime Payments and penalties for late payments. Part of the problem with cash flow is the issue of clients paying late or missing payments. Create an incentive program for those who pay on-time or even early.
- Re-evaluate your Assets. Is it time to look at underperforming services or products and pull them from your business? Consider what brings in the cash and what does not.
(Initial or Renewal Course based on the 2015 AHA Guidelines)
Basic Life Support (BLS) is the foundation for saving lives after cardiac arrest. This course teaches both single-rescuer and team basic life support skills for application in both in-facility and prehospital settings. This course is designed for healthcare professionals and other personnel who need to know how to perform CPR and other basic cardiovascular life support skills.
In addition, BLS training can be appropriate for first responders, such as police officers and firefighters, as well as for laypeople whose work brings them into contact with members of the public, such as school, fitness center, or hotel and restaurant employees.
Students must pass a written exam and skills test in order to qualify for a BLS Course Completion Card.
Upon successful completion of this course, students will receive a completion cad valid for 2 years.
Conveniently scheduled on Saturday, please choose the session that works best for you.
Starting a business means a fairly large learning curve. While there may be many areas that you need to learn the “ins and outs,” understanding the concepts of cash flow is among the more complex and important in any business. Let’s examine the main concepts and terms associated with comprehending cash flow for your budding business.
What is Cash Flow?
Cash flow refers to generating or producing cash (cash inflows) and using or consuming cash (cash outflows). Managing cash flows is essential to the life of your company and is necessary to the successful operation of your business.
What is a Cash Flow Statement?
Josh Kauffman, author of “The Personal MBA,” explains it in simple terms:
“The Cash Flow Statement is straightforward: it’s an examination of a company’s bank account over a certain period of time. Think of it like a checking account ledger: deposits of cash flow in and withdrawals of cash flow out. Ideally, more money flows in than flows out, and the total never goes below zero.”
Usually a cash flow statement keeps track of your company’s “bottom line.”
- Positive cash flow indicates that a company’s liquid assets are increasing, enabling it to settle debts, reinvest in its business, return money to shareholders, pay expenses and provide a buffer against future financial challenges.
- Negative cash flow indicates that a company’s liquid assets are decreasing.
Cash flow is not just made up of profit and loss. It also is affected by:
- Accounts receivable
- Accounts payable
- Capital expenditures
- Borrowings and debt service
- Other “timing” differences
Managing your Cash Flow
- Keep a daily record of incoming and outgoing cash
- Deposit any checks received on a daily basis
- Use numbered cash receipts and account for all of them
- Use numbered checks for disbursements
- Send customer invoices within two days
- Collect receivables within two months