Enhance Your Workflow
Small businesses account for 99.7% of all businesses in the United States, employing almost half of all U.S. Workers. Despite their vital role in the economic cycle most small businesses only have 27 days of cash to support typical outflows. The question is how do you increase your cash.
• Get money as fast as possible: Consider ACH or EFT payments for your business to increase the speed of receiving your cash due.
• Earn as much as you can on your cash balances: What are you earning on your checking account? Make sure you are in the correct type of account earning as much as you can.
• Know the terms of your payables: Do you get a discount for paying earlier than 30 days?
If your cash flow allows it, taking advantage of this can help. Cash and time are your most valuable resources. Spend some time to ensure you maximize your cash for you and your small business.