Cash flow is the single most important aspect of financial management for any small -- or large -- business. Running out of cash is the major reason businesses fail.
As a business owner, making sure you have cash available (or at least the potential to generate cash) to meet your obligations is not only essential for survival, but is in many cases a legal obligation.
This is a guest post from Tony Fraser-Jones, Director at Profitable Tradie.
If you’re in business, making decent money is important. Sometimes, though, it doesn’t always work out the way you’d planned; you may find that your profits are low, or your cash flow is slow.
Many small business owners start out with a good business idea but little concept of what it takes to manage and grow a business.
The good news is that you can definitely learn and improve your management skills as your business grows.
And while there isn’t a definitive list of skills, the ones we’ve listed below could help you to build your initial vision and develop your business to its full potential.