One out of every three small businesses fails within the first two years, most often due to poor cash flow management. In meeting with business owners in Wilmington and throughout the greater region, one topic that almost always comes up in conversation is the difficulty of managing cash flow.
Most business owners don’t feel they have the time to step back and create a strategic financial plan because the everyday details of managing a business are all-consuming. They’re spending their time on the more immediate needs – like making payroll tomorrow or paying vendors next week, versus looking at the big picture. This understandably leads to anxiety and fear of not having control over their business’s financial future. Not only does that not feel good, it’s not a viable business plan.
To alleviate that stress and to make the most of your business’s cash flow, here are a few things to consider:
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