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How To Manage Your Business Cash Flow

Business Cash Flow

With the majority of people receiving their last paycheck in the middle of December, January can, unsurprisingly, feel like the longest month of the year and your business cash flow can feel restrictive. And as a business owner you may be feeling added pressure with having to support and fund your small business through what is infamously a quieter month. However, there are simple steps, such as: budgeting, applying for business funding and spending wisely that can help ensure you manage your finances successfully for the rest of January.

 

Write A List, Check It Twice 

Going over your expenses in your head alone can only get you so far. On top of that, it may leave you feeling too overwhelmed to figure out a way forward. Writing out a list of your upcoming expenses is essential to budgeting effectively and making it to the finish line unscathed. By doing so, you’re also able to see which expenses need your immediate attention, and if there are some expenses that could be considered “luxuries” that you could possibly delay until you are in a more comfortable position financially, or alternatively find a more cost-friendly solution.

Also read: 4 Financial Mistakes Made By Small Businesses

 

Cherry Picking Is Not A Solution

Delaying a payment towards a luxury expense is one thing, and is often the more responsible decision, however, falling behind on important expenses like debit orders to your suppliers will undoubtedly add to your stress, and potentially taint your relationship. Some people carefully choose which bills to pay in January and choose not to pay others. While this strategy might offer some short-term respite, it ignores the long-term ramifications, which is a problem. When making your financial decisions in this last week of January, ensure that the ripple effects of your chosen spending won’t place you or your business in a difficult position in the coming months too.

 

Seeking Help May Be Your Next Step

There are financing solutions that are readily available to businesses in need of fast funding and can help you thrive through your Janu-worries, ensuring you’re all set for a fruitful-February. There are many things to keep in mind when finding the right business funding specialist for you, as what works for one business, may not work for yours at all. A lot of businesses are seeking funding from non-traditional funders, such as GroWise Capital, that have tailor-made funding solutions to suit their business and its needs. Acquiring additional business funding can ensure you have accessible funds as and when you need them, and allow for business growth regardless of the quieter months.

Also read: The Growth Of Small Business Funding

Whether it’s physically mapping out the last of your expenses, being stricter and more frugal with your spending or asking for a hand from a trusted business funder – the final January push doesn’t have to leave you feeling overwhelmed.

As we’ve said before, it’s always of the utmost importance to do extensive research into the best business funding options for you. There are countless reasons to seek alternative business funding, and our goal at GroWise is simple, to get your business funded and growing, fast. Explore our website, get in touch with us and apply here.

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