Managing cash flow
It doesn’t matter whether you are a start-up or a multimillion-pound conglomerate, cash is king and managing your cash flow is crucial to your business’s growth. It might seem the least glamorous aspect of running a start-up or small business; nevertheless, it is a fundamental part of business management and can easily make the difference between success and failure. Managed poorly, it will stunt business growth, and in extreme cases can lead to bankruptcy.
However, managing your cash flow is not rocket science, it just requires a disciplined process of integrating day-to-day finance operations with the business plan, and ensuring there is enough cash to meet business needs. Clearly it’s sensible to take all the advice and planning you can at this stage – such as a professional accountant, someone who is accountable and can focus on the minor details. Of course, it will cost money when resources are tight, but if you don’t get the cash part of your business right, it will cost you a much more further down the line.