Healthy cash flow is crucial to the survival of any business. Without enough cash on hand to pay your bills when due, your business may fail. According to statistics from the Small Business Association, half of all new businesses fail within the first five years, and only one-third last ten years. But cash flow isn’t just about maximizing what comes in – it’s also essential to monitor what goes out.
A good place to start is by examining all your monthly recurring costs to make sure you’re getting the best possible deal. For example, you might be able to save money by bundling your phone and internet. If you’re on a contract, pay attention to the ending date and look around for a better deal. Your current provider might even offer you a discount just to keep you around. There may be an unadvertised promotion going on, so it’s worth giving them a call to see what they can do for you. Take a look at the services you’re paying for – are you using all of them? Are they all worth the extra money? Are there other services that would save you time and effort? Remember that any time you save doing menial tasks means more time for you to do more profitable work. Please call our office so we can help you with an analysis of your costs.