3. Manage your accounts payable
As a business owner, you likely have several expenses that you need to pay, such as rent, utilities, and inventory. Managing these expenses carefully is essential so you can handle cash flow problems. Review your expenses and prioritize them by their payment deadlines. Consider setting up recurring payments, negotiating payment terms or extending payment deadlines for bills that aren't urgent.
The bottom line is that creating a cash flow plan that works for your business requires careful analysis, regular monitoring, and adjusting your priorities. Whether you're a start-up or an established business owner, developing a cash flow plan is crucial for keeping your business healthy and sustainable. You have multiple options, from using budgeting software to seeking support from financial advisors.