When you are out of cash, you are out of business. It doesn't matter if your profits are great if you cannot convert those profits into cash. We regularly see businesses making a very good profit on paper go bankrupt because they do not have the cash to pay their bills.If you can't pay your power bill or payroll today, it doesn't matter how profitable your business is or will be in the future. Unless you have the cash, you are out of business!
You must be proactive. It is your money, after all. Know how much is owed to you and don't be afraid to go after it.
The following are a couple of articles on cash flow management that you may find interesting:
http://www.inc.com/resources/finance/articles/20050601/cashcrisis.html
http://www.inc.com/resources/finance/articles/20040901/10rules.html
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There is one way of saving money in big and small business payroll service expenses. Since it is more expensive to maintain in-house payroll staff than outsourcing, the best decision is to outsource online payroll services.
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