Most first-time business owners will, at some point, need some help managing and improving their cash flow. And if their bank is on hand to provide that assistance, so much the better â€“ if problems can be resolved, itâ€™s a win-win situation.
It might not be a first-time business owner either â€“ banks are also likely to be approached by those experience in business whoâ€™ve completed a cash flow forecast and have realised theyâ€™re going to need the bankâ€™s assistance.
One of the first things to check is if people understand their cash cycles. If they donâ€™t have a grip on the ebb and flow of cash in and out of their business, then Job #1 is to help them understand how their cash flow cycle works. In fact, you might be surprised at how much someoneâ€™s cash flow improves just by helping them get to grips with it.
Reassessing costs and pricing, managing debt, and cash flow forecasting are all essential skills to get to grips with. And that’s where you come in – helping them acquire those skills.
The below article looks at cash flow management for small business in more detail – it could be handy to share with your small business customers.
Read the full article at: www.thisismoney.co.uk