Critical Initiative Delivery, Business Analytics & Data Management, Regulatory Compliance & Risk Management
1 minute read
Aug 7, 2020
Written by: Shawn Sweeney
Steady and reliable cash flow is essential to a company’s daily operations. Knowing when to expect revenue gives owners confidence in paying their own expenses, but understanding cash flow cycles is just as important to business growth – and having a buffer in case of a crisis. Good cash flow analysis can confirm that there’s money to keep the lights on, but deeper analysis can uncover ways to best capture cash from every revenue stream.
In my latest discussion with the Forbes Financial Council, I offered timely insight on boosting operational cash flow.
Cash flow is one of the biggest operational challenges, particularly for those in professional services industries. Each month, those organizations send out invoices and wait for payment. The longer the wait, the bigger the impact on having sufficient funds to run the business and get ahead. But you – and your employees – can slash that wait time by creating systems so those invoices reliably hit your clients’ inboxes on the first of the month and the remittance clock can begin.
Looking for other smart tips from the Forbes Finance Council Experts? Check out our forecasts for the banking industry here.
Most of us are familiar with the old saying “Hope for the best, prepare for the worst.” Although the origin dates back to the 18th century, the message could not be more relevant today, especially for business owners. From employee turnover to insufficient capital, there are numerous potential threats that could morph into financial disasters overnight. So, when Forbes Finance Council asked me to weigh in on simple steps businesses could take to prepare for such problems, I gladly answered the call.
Spinnaker News 1 minute read
For many small and early-stage businesses, serving customers and running day-to-day operations can be enough to overwhelm the day. But it’s critical that these organizations carve out time to tend to their financial health daily, or at the bare minimum several times a week. With so many different metrics to track, it’s important to identify those that give you a line of sight into how your business is performing, as well as those that help you pinpoint issues brewing below the surface.
Spinnaker News, Business Analytics & Data Management 1 minute read
It's fair to say that most business owners are working toward greater profitability and growth. And while growth presents businesses and their employees with countless opportunities, the downside is the potential of having to stroke a big check to the Internal Revenue Service come tax time. Pile on ever-changing tax codes, exemptions, regulations and deadlines – and it’s no wonder that everyone is reaching for headache relief during tax season.
Business Analytics & Data Management 1 minute read
Like how we think? Subscribe to have our articles delivered direct to your inbox each month.
Headquarters: 8000 Franklin Farms Drive, Suite 100, Richmond, VA 23229
©2020 Spinnaker Consulting Group. All rights reserved.