Does Your Small Business Have a Cash Flow Plan?

A key component of any business finance is a cash flow plan. Most entrepreneurs create this plan when they have to provide a business plan for capital funding for an unexpected large project that they require goods and increased staff to complete. But don't wait!

How about on a day-to-day basis? Do you know how to plan to pay your vendors and staff, or even yourself?

Yes, having a successful business certainly helps! But keeping track of how much money comes into your business and how much has to go out - and WHEN - is key. A proper cash flow plan will help you make decisions, such as:

• how you can afford new employees, and possible capital expenditures to grow your revenue
• how to prepare for fluctuations in revenue
• the best way to receive money from your clients
• how best to fund unexpected large projects

Freedom Comes from Hiring Experts

There is a belief among small business owners. They believe by doing everything themselves they can save money and time. I am here to tell you - by experience - this is wrong.

After running a small business for over 10 years I have learned that I am capable of wearing many hats but it's best to let those who are experts in their fields work for you. A business owner who is chief cook and bottle washer will have challenges growing their business.

You probably believe you can do your bookkeeping and taxes because you know how. And that's great. Then the challenge becomes time. Accounting work is time consuming, generally error prone, and subject to deadlines. If you are not up to date, CRA is on your back and you have no clue how your business is doing. Very risky!

There is no greater freedom than the feeling of letting go of some of those responsibilities. Hire an expert to take care of it for you, whether it's your accounting, marketing, sales, HR or the many other experts who can help you run your business smoothly.