Correctly managing cash flow is one of the biggest steps for achieving success when running a small business, and it is also one of the most difficult things to keep track of. Here are some tips to help you move cash along smoothly within your business:
- Make sure you are on top of and on time with invoicing, and that you send out your checks as close to the same time, on the same day of the week. Freelancers and your other employees depend on their paychecks, and making sure your bills are paid on time with receipt of invoice will keep your employees happy and keep your cash flow smooth.
- Make sure your other bills are paid as close to their due date as possible. This helps money stay in your bank account as long as possible and helps you avoid emergency situations where your bills are paid in advance, but you have no money to buy toner.
- Deposit your checks as promptly as possible a) to make sure that they clear, but also b) to make sure that you have as much money in your account as possible.
- Hire a tax attorney to provide tax help, so that you are current with the IRS. If you have already accrued penalties, an experienced attorney can also help bring about tax resolution.
- Check for additional income sources, such as embedding advertisements or Amazon affiliate links within your articles. Advertisements online don’t bring in a ton of money, but they add enough to your cash flow, if you have steady traffic, that they increase your income and revenue.