Transcript

Running a small business often feels like a balancing act. Cash comes in, cash goes out, and sometimes the timing doesn't line up the way that you'd like. 94% of small and medium sized business owners expect their businesses to grow, but 88% worry that cash flow will hold them back. More than half of business owners said they burned through their cash in under a month. If revenue suddenly dried up, Another 18% said they'd only make it 2 months. So what's a small business to do? Here are some practical strategies to help ease the squeeze. First, set up a system for your money. Put aside funds for your biggest. Expenses. Set boundaries that stop you from overspending and know exactly when it's smart to spend versus when you should hold back and save. Next, take a hard look at your regular expenses. Some might feel important, but if they don't directly help your business, cut them down or cut them out. Make it a habit to save a slice of your monthly profits. Use it to build cash reserves and reinvest back into your business. Overtime, that discipline creates a cushion to handle dips in revenue. Finally, have a backup plan for the tough times. If cash flow suddenly gets tight, you'll know how to act right away. Reduce spending, chase down late payments and make quick adjustments before things spiral. Cash flow will always ebb and flow, but the stronger your system, the less it knocks you off. Balance.