Cash flow is the lifeblood of any business, yet it’s a common struggle for service-based businesses.
Here are steps to master your cash flow:
- Track Everything:
Use accounting software to monitor inflows and outflows daily. - Invoice Promptly:
Send invoices immediately after providing a service, and follow up on overdue payments. - Create a Cash Reserve:
Build a reserve fund to cover at least three months of expenses. - Cut Unnecessary Costs:
Regularly review expenses to identify savings opportunities. - Plan for Seasonality:
Predict slow months and adjust spending accordingly.
With consistent cash flow management, your business will always have the liquidity needed to operate and grow.
Struggling with cash flow? Book a consultation to create a custom cash flow plan for your business.
