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5 Steps for Managing your Cash Flow


Managing your Cash Flow

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Unit Video

Unit Summary

5 Steps for Managing Your Cash Flow:
  1. Categories’ Your Expenditures
  2. Track your Expenditures
  3. Get Paid Quickly
  4. Hold on to Your Cash
  5. Monitor Regularly

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Hi. In this video, you will learn how to manage your cash flow.
Cash flow is the flow of money in and out of your company. Cash is what keeps your business alive and knowing if you will be able to pay your bills and handle seasonal fluctuations through a cash flow statement is one of your most important tools.
Here are 5 Steps for Managing Your Cash Flow:
  1. Categorise Your Expenditures based on your businesses’ periodical payments
  2. Track your Expenditures by ensuring that you capture each payment and documenting it during the period it occurs.
  3. Get Paid Quickly by invoicing as soon as possible, require down payments, send invoices by email or courier, offer discount for early payments, accept credit card payments
  4. Hold on to Your Cash as long as possible by requesting longer payment terms, paying as late as you can, paying by credit card to get an extended grace period
  5. Monitor Regularly by using short-term and long-term forecasting to help you identify any possible shortages before they happen
The saying says: Cash is King, so treat your cash like one.

Making more money will not solve your problems if cash flow management is your problem. Robert Kiyosaki