Cash flow, funding and money management are frequent areas of concern for small-business owners. Ensuring these important needs align and managing them effectively can help your business grow and prosper.
Business money management requires a significant investment on the part of a business owner or trusted employee; there is no way around it. The specifics of your company and the small but important details related to your operations require informed and active oversight.
For example, even if funding and overall money management are in good shape, issues with cash flow can still harm your business. A truly effective strategy for business finances will consider the possibility of a negative cash flow in a given week or month, despite long-term positive performance. A solution might be a cash reserve, line of credit or other tool in place to avoid late payments on invoices and bills.
Our video, “4 Business Money Management Mistakes to Avoid,” highlights common but easily avoidable financial troubles for small businesses. Along with identifying these mistakes, we also offer advice for changing and improving. That includes taking your own pay into account as a business owner. While you need to make sure your business has the funding necessary to continue operating, it must also support you to truly be successful.
Comerica Bank offers banking and financing solutions developed specifically for small and growing companies. Learn more about how our products and services can support your business and get in touch with our team today.
