Good Monday morning and welcome to my weekly articles on business building. Managing cashflow is critical for the success of any business, but it is especially important for small businesses. Cashflow refers to the movement of money in and out of a business, and it can make the difference between survival and bankruptcy. In this article we review why it is important to manage cash effectively and provide some best practices for business owners to implement that can help them to do it in their business.
Most owners get one chance to get it right and being ill prepared should not be an option, yet most owners cannot sell the business they built (only 1 in 10 are successful) because they did not build a salable asset. If you must sell your business to fund your future lifestyle, ask yourself whether you are prepared or not, and then identify what you need to do to get to where you need to be.