What is cash flow and how do you manage it?
Misunderstanding cash flow and how to manage it can easily contribute to the failure of your business.
If your business lacks the cash to pay wages, rent and bills, in the best of times it will struggle to stay afloat. But combine a lack of cash with uncertainty around the economy and survival can be even more difficult.
The COVID-19 outbreak has taken businesses into one of the biggest periods of economic uncertainty in recent history. While such a unique event has made financial planning increasingly challenging, being able to forecast as best you can is paramount.
In times of change, communicating and renegotiating with suppliers, customers, lenders or investors is vital. To do that most effectively, it helps to have the clearest view possible of your cash position.
Read this article to learn more about cash flow, why it’s so important, and how to manage it to help give your business the best possible chance of success.
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