Finish Year Strong with Savvy Financial Management
Posted on Tue, Nov 02, 2010 @ 03:16 PM
If cash is king, his royal highness has left the palace.
Cash is hard to find at the end of the year, with annual budgets depleted, new revenue scarce, credit scarcer and accounts payable mounting.
Always important, cash flow is especially critical to small business development right now. In “5 Year-End Survival Tips for Entrepreneurs,”guest columnist Rosalind Resnick of Axxess Business Consulting advises Wall Street Journal readers how to finish 2010 strong by stretching their dollars over the coming months.
Resnick urges business owners to revise plans, market proactively and spend wisely. Her most practical advice for small businesses may be to use credit-card rewards points to cover travel and entertainment expenses, including company holiday parties.
Cash forecasting and preservation also are key. Preserve cash by deferring payment on invoices or paying with credit lines instead.
Identify potential income tax savings through year-end tax planning as well. Review possible deductions and strategy with your accountant, Resnick writes.
Manage cash flow properly and you will end the year strong, setting yourself up for success in 2011.
Then, the king will return. All hail the king.
Download a complimentary copy of “Five Ways to Build Cash When Credit is Tight” for more cash flow management advice and small-business financing tips.
