7 Tips To Organize Your Small Business Finances
1. Maintain Adequate Working Capital
One of the problems I see time and time again in business is the lack of adequate working capital. Even a small business can soak up money like a sponge when buying equipment, investing in inventory or funding work-in-progress or Accounts Receivable. If you lack the necessary cash yourself to plough into your business, there are only two other ways to get it: external borrowings or by leaving profits in the business to build up cash reserves, which means keeping your drawings to a manageable level. Don’t struggle on month after month — get your working capital sorted now!