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A guide to forecasting and managing your monthly income, expenditure and bank balance with a cash flow template.
Poor management of cash is a key killer of businesses. It is an especially risky area for new and growing businesses due to the need for investment, the need to grow their customer base and the likely lack of credit from suppliers.
What does good management of cash look like?
Good cash management means you have enough funds in the bank to pay for your costs when they are due. Your business may be profitable but if you can’t pay your debts when they are due then you will not survive.
The management of cash is often called ‘Cashflow’ i.e. how much cash is flowing in and out of your business and the resulting bank balance. This is why it is easier to manage your cash if you have a specific bank account for your business.
Common reasons for cash issues include:
Fearless Financials’ top five tips to improve your cashflow:
Want to know more? The attached guide explores in further detail how to put these tips into practice as well as giving you an example for your cashflow forecast.