Cash Flow Management Tips and Tricks

Where Did My Money Go?
Tips and Tricks for Avoiding Cash Flow Surprises for Your Business

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A longstanding article of faith in the small-business arena is that owners, at any given moment, are likely to have three (but not all four) of the following:

  • Capital
  • Customers
  • Cash flow
  • Adequate sleep!

If you’ve been running a business for a while, you may be nodding in agreement (especially on the “sleep” part.) Although it’s certainly possible -- and ideal -- for a business owner to enjoy all four attributes, it can be hard to get them in sync. Especially for younger, emerging business ventures.

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One attribute among our quartet is especially tricky: cash flow. Basically, it’s the cadence at which funds come into (cash inflow) and exit (cash outflow) from your bank account. Sounds simple, but managing cash requires considerable dexterity. Even booming businesses with enviable accounts receivable -- money that will soon come in the door -- can quickly get on the wrong side of the cash flow equation: that moment when bills that are immediately due get out in front of cash on hand.

There are plenty of remedies, some of them overlooked, to help business owners manage cash.

Among a few:

Your banker. Lines of credit represent an obvious resource, but it’s also helpful to keep in mind another offering your bank may be able to provide: advice. Many banks have knowledgeable agents at the ready who can (often for free) review the books and offer helpful tips like reviewing business expenses, and financial statements and even helping with cash flow forecasting and projections all over the phone or via messaging platforms. Keep in mind that banks want to make sure their clients are healthy. They have a vested interest in your success.
Contracted/freelance financial experts. Websites like bookkeeping.com and others (use a search term like “freelance accounting”) play matchmaker by lining up experienced finance professionals in real-time who can help fine-tune cash flow management techniques -- without having to go through the labor of interviewing and hiring for a position.

Your own value. In the event your business may need capital to help get you through a slow period, it’s important to have a sense of what your business is worth. Knowing at least a rough valuation number will help lenders or investors get a solid picture of your finances before making a decision about providing funding. Beyond that, conducting a self-assessment or engaging a business appraiser at least annually is a satisfying way to take stock of how you’re doing.

Pro Tip:

The Appraisal Foundation offers an excellent compendium of tips and resources for valuing your business.

Forward thinking. Rare is the business owner who hasn’t, at least at some point, been taken by surprise by an unexpected absence of available cash. (A valid reason for losing sleep, if there ever was.) Cash flow forecasting tools you may already have at hand, courtesy of accounting software programs like Quickbooks, can help provide advance assurance you’ll know what’s ahead, and how to prepare for it.
Get payroll help. We get it: expenses can add up. It’s often tempting to manage payroll the old-school way, with a spreadsheet or a pencil. If you’re able to do so, sure. But it may be worth calculating the time devoted to intricacies of payroll management versus the value those same hours could bring your business elsewhere. A 2024 payroll services compilation from Forbes provides a quick-hit way to see who’s out there.
A key resource in all cases is a fast, reliable connection to a wide world of online resources available for managing cash flow issues. With solid advice just a few clicks away, the last thing you want is to bog down with slow searches and spinning wheels on your screen. Here are a few networking providers that can help your business rev up your cash flow knowledge in an instant.

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