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How to master cash flow management
Manage episode 402176637 series 3114980
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Cash flow management is crucial for small business success. Tips include:
Optimize cash flow by setting up interest-bearing accounts for your business.
Utilize accounting software to track your cash flow and make informed decisions.
Stagger bill payments to avoid depleting your cash reserves and maximize interest earned.
Avoid customer payment delays by using online invoicing tools and clear payment terms.
Schedule payments to occur as close to the due date as possible to retain cash for longer.
Consider cash flow reduction strategies, such as buying used equipment or bartering for goods and services.
Streamline payroll management by using separate accounts and adjusting pay schedules to save on administrative costs.
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