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Did you know...
One of the biggest causes of a cash crisis for a small business is an increase in sales?
There are significant cash flow consequences to growing your business. Example: A big order from a new client is exciting. However, your suppliers expect payment terms of 30 to 90 days. This can put a serious strain on your cash resources and on your relationships with the people and companies you need to pay to help you manufacture that order.
It's crucial to know the amount of money in your bank account and your bottom line net income for a particular period. That's only part of the picture though. You need to understand the ebb and flow of your cash over the course of that period.
Living in ignorant bliss when it comes to the nitty-gritty details of managing your cash is a recipe for disaster.
A better strategy? Get the tools you need to flesh out an accurate, up-to-the-minute picture of your business cash resources. Then you'll have the information to use your cash efficiently and make realistic cash flow projections. And when that big order or account comes in, you'll understand the impact to your business cash resources and can take steps to ensure you meet the demand without overextending.
Did you know?
No matter how small your business is, taking the DIY approach to payroll is a bad idea. Don't waste your time and resources doing something a professional service can do with infinitely more speed and accuracy. Jim Wullschleger, SVP, Business Banking urges, “I've worked with countless companies and I strongly encourage you to hire a payroll service.”
To learn more about how our Treasury Management specialist can teach you how to set up your banking relationship to maximize your business cash flow, please contact us, or call (800) 599-0020, Option 2 Monday through Friday 5:30 a.m. – 7:00 p.m. (PT).