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We are pleased to present below all posts archived in 'February 2020'. If you still can't find what you are looking for, try using the search box.
Money clichés are a dime a dozen, however, some of those financial catchphrases can truly be applied to your real life and pay off in the long run. One such saying is especially true for business owners. The saying that “cash is king” legitimately represents the importance of liquidity for any business of any size. Cash is needed for everything involved to successfully run your business.
There are many reasons a business can fail, but one of the leading factors is running out of cash. A safety net is imperative to successfully persist through common events like a significant decline in sales, a mainstay customer not paying your invoice, or even being able to maintain seasonality. Every business’s safety net will be different and dependent on the volatility of the business or industry, therefore determining how much cash your business needs.
While liquidity is never a one-size-fits-all solution, all businesses must consider the following key elements:
Proper forecasting will h ...
Often, small to mid-size business owners are wearing many hats. The time needed to successfully run and grow a business in any given day is often not enough. As the demands placed on small to mid-sized business owners continues to grow, it’s important they establish external, trusted resources they can rely on to help them manage their business.
“Often, our small to mid-sized business owners started out doing everything on their own,” said Paula Buie, Vice President and Treasury Management Sales Officer, “but quickly realize they must delegate and have support in order to grow their business efficiently.” She added that it’s crucial for them to utilize external and internal resources for everything from managing the books and making sales to marketing their business. “They just can’t do it all on their own,” she said.
With nearly 70% of their time spent on the day-to-day operations of the business, small business owners often work more than 5 ...
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