How to manage your cash flow to boost your business
This guest blog post is provided by the Business Development Bank of Canada (BDC). BDC is the only Canadian bank dedicated exclusively to entrepreneurs, providing business loans, venture capital, and consulting services that are tailored to meet the needs of Canadian entrepreneurs.
Master your cash flow with proven strategies
Cash is the lifeblood of any business. Managing it well is one of your most important jobs as an entrepreneur.
Yet, many business owners aren't doing the basic financial housekeeping that could give them greater control over their company and more peace of mind, according to a BDC survey in 2014.
For example, almost half of surveyed entrepreneurs say they don't make cash flow projections for their business and compare them to actual results during the year.
Cash is king
At the same time, small business owners consistently say financial management is one of their biggest worries.
Even a profitable, fast-growing company can face a serious cash flow crunch while waiting for money to come in. In fact, it's surprisingly common for profitable companies to go out of business because they ran out of cash.
Free eBook on cash flow management
The good news is there is a lot you can do to gain better control of your finances and more peace of mind.
That's the lesson of the free new eBook “Master your cash flow: A guide for entrepreneurs” from the Business Development Bank of Canada (BDC).
The eBook will help you discover proven ways to better manage your cash flow and gain more peace of mind knowing you can take on any challenge or opportunity. You'll also learn how to build a healthy, durable business with smart cash flow management principles.
The eBook includes real-life success stories of Canadian entrepreneurs.
You will also learn:
- The 7 principles of cash flow management
- How to control expenses and get paid faster
- Simple ways to create financial projections
- 7 ways to ease a cash crunch right now
- 4 financing tips to boost your cash flow
- How to avoid common profitability pitfalls
Spend less time worrying about your finances — and more growing your business. Download your free copy of “Master Your Cash Flow”.