Improving your cash flow:
Cash, different from profit and revenue, helps a business stay up and running. Consider the following tips to improve your cash flow (especially when times are tight):
- Consider getting a company credit card so you can pay for things in advance without if impacting your cash that month.
- Purchasing equipment/office supplies and expenses used instead of brand new.
- Get your customers to pay you more efficiently and effectively.
- If needed, get a line of credit.
- Work with a CFO on a cash flow statement so you can see when cash might need to be reserved.
Why do I need a CFO?
You didn't start your business or become the head of an organization because you are a financial expert. You are there to grow and succeed. The accounting, bookkeeping and financial aspects of your business are important to how you run your company, but it is time consuming and if not done properly, can lead to more headaches down the road.
Keeping track of your bookkeeping and your financial statements is time consuming and difficult to manage. But most frustrating is understanding and interpreting your financial picture from reports. CFOs are responsible for timely and accurate presentations and financial reports in order to capitalize on your growth.