One of our local employers was on the front page of the Monadnock Ledger last week regarding a $400,000 settlement with OSHA for worker safety violations. Ouch! They not only have to pay the fines, but they also must take corrective actions & improve the safety of their workplaces for all of their employees. They have agreed to get a full time safety &...
Turnaround Your Business by Monitoring Your Cash Flow
Submitted by MBRP on Wed 7/20/11 11:22 am
By Gary Oden, NH Small Business Development Center
While written for veterans, this blog posting can help any small business owner better manage their financials:
If your veteran owned small business is running into financial problems, one of the first things to do is to get a handle on your cash flow. But most small business owners aren’t sure how to do that. Here are a few tips that will get you started in the right direction.
Analyze Your Accounts Receivable
One of the first places to look when you need cash is to the customers that owe you money. Determining where and when they can pay you is an important aspect of managing your cash. Make a list of all of your customers that owe you money. Make an estimate of where and when they can pay.
Analyze Your Accounts Payable
The next step is to determine what you owe. List all of your Accounts Payable and notes payable debt with them in order of importance. Some debt is more important than others in that if you fall behind your business is not able to run.