What’s a major concern for small business owners? Cash flow. Cash is the lifeblood of any business, making it one of the major stressors for most small business owners.
That’s why it’s so important for them to see their bank as the cash flow experts. Most 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.
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.
If theyâ€™ve never performed a cash-flow forecast before, sit them down and help them with their first attempt. If youâ€™ve got relevant tools and calculators on your website that can facilitate a forecast, point them in that direction.
Help them to understand that a being able to forecast cash flow accurately is one of the most effective ways to manage their cash flow, and is an essential business skill.
At TSBC, we’ve got lots of content and tools around cash flow that can help your small business customers get to grips with theirs. Contact us to find out more.