Good cash flow management is an essential skill for every entrepreneur. Handle your cash flow poorly and chances are you'll end up in financial difficulty. But if you improve your profitability and manage cash flow diligently, your business will be well‑positioned to thrive and enjoy new growth opportunities.
Michael Whittaker, President of Bonté Foods, knows about both the highs and lows of cash flow management. Back in 2007, his Moncton‑based deli meat company encountered serious problems following the loss of two major clients and an expansion that proved more costly than planned. In this video, he explains how Bonté recovered and is now thriving thanks to the implementation of key actions to improve profits and tighten cash flow management.
As well as refocusing the business on its core activity, Bonté Foods revisited its pricing model and eliminated unprofitable products. The company also became more rigorous about applying the essentials of cash flow management. Today, Bonté ensures receivables are collected quickly, makes regular financial projections and protects its working capital by choosing term financing for new investments.
Watch Bonté Foods' full story in this video—and discover Michael Whittaker's tips to help you optimize your own cash flow. With better cash flow management, your business can also be positioned for a new season of growth.