Business Tip: Cash Flow
Managing your cash flow
In this business tip, the owner of Punch® Equipment provides you with his best advice for managing cash flow as a small business.
Tip - Don't confuse cash flow with profit
The number 1 tip we can suggest is to not confuse cash flow with profit. Make sure you always spend within your needs. Also another suggestion is to create a spreadsheet or use an online system for tracking income and expenses. This way you can see exactly how much you're earning each week and you can create a budget around this amount.
Tip - Re-invest earnings into your business
The next tip we provide is to always re-invest your profit back into your business. This allows your business to grow and you'll earn more money this way, instead of just earning a wage each week.
Best Online Platforms
We suggest using the following online platforms for managing the income of a small business.
- Google Sheets
- Microsoft Excel/Numbers (Mac)
- Myob - Accounting system
- Xero - Online accounting system
Learn how to manage cash flow as a new Business owner in the above video.
Thanks for reading our business tip for today!