Comments on: Easy Ways To Help Preserve Cash Flow In Your Business http://stuartcrawford.com/easy-ways-to-help-preserve-cash-flow-in-your-business/ Fri, 04 Nov 2011 19:03:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Frank Allen http://stuartcrawford.com/easy-ways-to-help-preserve-cash-flow-in-your-business/#comment-91 Frank Allen Fri, 04 Nov 2011 19:03:00 +0000 http://stuartcrawford.com/?p=422#comment-91 Yes Stuart having liquid assets available is definitely one very important aspect of  running a successful business. Regardless of the size of the firm it is important to have trusted advisors that can be relied upon at a moments notice. We have trusted advisors or at least professionals that we know, like and trust ... legal, medical, IT/MSP provider...often, the greatest missed opportunity that many business owners miss out on is not having a professional financial advisor! I'm not talking about an accountant or book keeper here. I have a great mechanic and I trust him but not for a tooth extraction! Statistics show that those who utilize the services of a Financial Planner have an average net growth of 34% higher than those who don't". There are a host of financial products that could be potentially earning higher interest rather than being parked in a savings account. Let your money work harder for you! Most smaller  business owners are not fully aware of the many options that have high liquidity (redemption within 3 days or less). One of the most beneficial areas though lies in having a written financial plan. Most business owners have a business plan. Very few have a detailed written financial plan so in many cases are paying perhaps much more in taxes... another topic. I quite often hear buisiness owner's say  they have a person at their bank. OK has that person sat down with you to develop a detailed financial plan or are you simply getting statements? Thanks for posting this Stuart. More has to be communicated to individuals and business owners about strategies that can up the bottom line profitability ... So if cash is king, is having more of it .... Yes Stuart having liquid assets available is definitely one very important aspect of  running a successful business. Regardless of the size of the firm it is important to have trusted advisors that can be relied upon at a moments notice. We have trusted advisors or at least professionals that we know, like and trust … legal, medical, IT/MSP provider…often, the greatest missed opportunity that many business owners miss out on is not having a professional financial advisor! I’m not talking about an accountant or book keeper here. I have a great mechanic and I trust him but not for a tooth extraction!

Statistics show that those who utilize the services of a Financial Planner have an average net growth of 34% higher than those who don’t”. There are a host of financial products that could be potentially earning higher interest rather than being parked in a savings account. Let your money work harder for you! Most smaller  business owners are not fully aware of the many options that have high liquidity (redemption within 3 days or less).

One of the most beneficial areas though lies in having a written financial plan. Most business owners have a business plan. Very few have a detailed written financial plan so in many cases are paying perhaps much more in taxes… another topic. I quite often hear buisiness owner’s say  they have a person at their bank. OK has that person sat down with you to develop a detailed financial plan or are you simply getting statements?

Thanks for posting this Stuart. More has to be communicated to individuals and business owners about strategies that can up the bottom line profitability … So if cash is king, is having more of it ….

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