Cash is king—it’s a common saying in the business world. But surprisingly few entrepreneurs take steps to manage their cash flow so they don’t wind up with an empty bank account and nothing to pay the bills.
“One of the main causes of business failure is poor cash flow management,” says Susan Rohac, Vice President, Cleantech Practice at BDC. The good news: Cash flow management is easy to improve with a few simple steps.
“Getting control over your cash flow helps you prepare for slow periods, plan your financing and have peace of mind,” Rohac says.
Follow these five steps to get a better handle on your cash flow.