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Business strategy
5 top ways to manage cash flow in your business
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[QUOTE="King bell, post: 254278, member: 75687"] When it comes to running a successful business, cash flow is king. Without a steady stream of cash coming in, it can be difficult to keep the lights on, let alone make a profit. That's why it's so important to have a solid plan for managing your cash flow. Here are five of the best ways to do just that: 1. Make a budget The first step to effective cash flow management is to develop a budget. This will give you a clear picture of your expected income and expenses so you can plan accordingly. 2. Stay on top of invoicing Make sure you invoice your customers promptly and keep track of who owes you money. This will help ensure that you have the cash you need when you need it. 3. Offer discounts for early payment One way to encourage customers to pay their invoices promptly is to offer a discount for early payment. This can help you get the cash you need sooner rather than later. 4. Manage your inventory carefully If you carry inventory, be sure to track it carefully and keep only what you need on hand. This will help you avoid tying up too much cash in inventory that you may not be able to sell. 5. Use a line of credit wisely If you have a line of credit, use it wisely and only when you absolutely need it. This can help you avoid getting in over your head and having to pay expensive interest charges. By following these tips, you can better manage your cash flow and keep your business running smoothly. [/QUOTE]
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