Call Us (704) 659-2141 ☰ ˟
Logo
Call Us: (704) 659-2141
  • Our Agency
    • AboutImage of right arrow
      • Community Involvement
      • Our Staff
      • Our Locations
      • Our Client Testimonials
      • Our Referral Program
      • News Release
      • Erie Insurance Customer Care
    • Blog Image of right arrow
      • Tips to Handle Stress
      • Winter Safety Tips
      • Summit Insurance Christmas Decoration Contest 2019
      • Summit Insurance Partners with Zenjuries
      • Hurricane Relief by Summit
      • Questions to Ask Your Home Inspector
      • Does Your Home Business Need Insurance?
      • 5 Driving and Car Maintenance Resolutions
      • Builders Mutual Names Summit Insurance Group Inc. to the Status of Champions Club
      • Does Your Home Business Need Insurance?
      • Taking Advantage of Early Tax Planning
      • Enhance Your Cash Flow, Enhance Your Business
    • Get a Quote
    • Order Insurance Certificates
    • Mortgage Endorsement Form
    • Our Carriers
    • Resources and Other Useful Sites
    • Career Opportunities
    • Contact UsImage of right arrow
      • Summit Insurance Group
  • Products
    • Auto and Homeowners Insurance
    • Auto InsuranceImage of right arrow
      • Liability Coverage
      • Comprehensive Coverage
      • Collision Coverage
      • Uninsured & Underinsured Motorist Coverage
      • Diminishing Deductible
      • Accident Forgiveness
      • Minor Violation Forgiveness
      • Roadside Assistance
      • Specialty Auto Insurance
      • SR 22s
      • 24-Hour Customer Service
      • Towing
      • Rental Reimbursement
      • Personal Injury Protection (PIP)
      • Medical Payments Coverage
    • Commercial Property Insurance
    • Golf Cart Insurance
    • Home InsuranceImage of right arrow
      • Flood Insurance
      • Property Insurance
      • Homeowners Liability
      • Renters Insurance
      • Condo Insurance
      • Mobile Home Insurance
      • Scheduled Property Insurance
      • Landlords Insurance
      • In-Home Business Insurance
      • Earthquake Insurance
    • Other Personal InsuranceImage of right arrow
      • Personal Umbrella Insurance
      • Wedding Insurance and Special Event Insurance
      • Identity Theft
      • Data Backup
    • Life InsuranceImage of right arrow
      • Individual Life Insurance
      • Group Life Insurance
      • Mortgage Protection Insurance
      • Disability Insurance
      • Second-To-Die Policy
      • Key Person (Key Men) Insurance
    • Motorcycle Insurance
    • Recreational Vehicle InsuranceImage of right arrow
      • Boat Insurance
      • Golf Cart Insurance
      • Motorcycle Insurance
      • Motorhome Insurance
      • ATV Insurance
      • Snowmobile Insurance
    • Rental Property Insurance
    • Additional Insurance ServicesImage of right arrow
      • Pet Insurance
      • Bonds
      • Special Event Insurance
      • Other Services
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance
      • Alarm Contractors Insurance
      • Insurance for Arborists
      • Builders Risk Insurance
      • Catering Insurance
      • Cleaning Business Insurance
      • Construction Insurance
      • Consulting Firm Insurance
      • Contractors Insurance
      • Specialty Trade Contractors Insurance
      • Craft Brewery Insurance
      • Dump Truck Insurance
      • Educational Facility Insurance
      • Financial Institution Insurance
      • Fleet Insurance
      • Funeral Home Insurance
      • Gas Station and Convenience Store Insurance
      • Handyman Insurance
      • Garage Insurance
      • Healthcare Facility Insurance
      • Healthcare Practice Insurance
      • Law Firm Insurance
      • Life Science Insurance
      • Limousine Services Insurance
      • Liquor Liability Insurance
      • Maintenance Contractors Insurance
      • Manufacturing Insurance
      • Maritime Employers Insurance
      • Media & Advertising Insurance
      • Non Profit Insurance
      • Nursing Home Insurance
      • Orthotics & Prosthetics Insurance
      • Personal Trainer Insurance
      • Pool & Spa Insurance
      • Printers & Publishers Insurance
      • Railroad Contractors Insurance
      • Real Estate Businesses Insurance
      • Restaurant Insurance
      • Retail Insurance
      • Rideshare Insurance
      • School Bus Contractors Insurance
      • Scrap Metal Insurance
      • Security Guards Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Specialized Truck Equipment Insurance
      • Technology Services Insurance
      • Tow Trucks Insurance
      • Uber Insurance
      • Vacation Rental Property Insurance
      • Vineyard & Winery Insurance
      • Water Well Drillers Insurance
    • Coverage for Your BusinessImage of right arrow
      • Business Catastrophe Insurance
      • Business Owners Policy (BOP)
      • Commercial Auto Insurance
      • Commercial General Liability
      • Commercial Property Insurance
      • Commercial Real Estate Insurance
      • Commercial Umbrella Insurance
      • Crime Insurance
      • Cyber Liability Insurance
      • Equipment Insurance
      • Errors and Omissions Insurance
      • Extortion Insurance
      • Fidelity Bonds
      • Leave Management
      • Loss Control Insurance
      • Inland Marine Insurance
      • HVAC Contractors Insurance
      • Marine Insurance
      • Mechanical Breakdown Insurance
      • Office Insurance
      • Product Liability Insurance
      • Professional Liability
      • Shipping Insurance
      • Small Business Insurance
      • Small Business Liability Insurance
      • Storage Insurance
      • Surety Bonds
      • Technology Insurance
      • Trailer Insurance
      • Transportation Insurance
      • Trucking Insurance and Semi Truck Insurance
      • Workers Compensation
      • Van Insurance
    • Coverage for Your EmployeesImage of right arrow
      • Small Business Retirement Plans
      • Employer-Sponsored Retirement
      • Group Benefits
      • Group Disability Insurance
      • Voluntary Benefits
      • Retiree Health Coverage
      • Disability Insurance
      • Individual Life Insurance
  • Contact Us
    • Summit Insurance Group
    • Location & Hours
Auto Icon

Auto

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home Icon

Home

We browse through a wide variety of coverages and find the right one for you.

Learn More
Business Icon

Business

We browse through a wide variety of coverages and find the right one for you.

Learn More
Life Icon

Life

We browse through a wide variety of coverages and find the right one for you.

Learn More
Workers Comp Icon

Workers Comp

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home > Blog > Enhance Your Cash Flow, Enhance Your Business

Enhance Your Cash Flow, Enhance Your Business

The Top Tips You Need To Know

 

Cash Flow is one of the most important factors of a business that far too many people just aren't paying enough attention to.  Cash flow maintenance is about more than just knowing how much money is coming in versus how much money is going out. Even if your business is very close to true profitability, this ultimately won't mean a thing if you're dealing with clients who are slow to pay. This can seriously impact your momentum, and worse — your chances at long-term success. 

To put it simply, enhancing your cash flow isn't just about enhancing your accounting — it's also about enhancing the very organization you've already worked so hard to build. With that in mind, there are a few key tips you'll absolutely need to know about moving forward. 

Technology Is Your Friend. It's Time to Start Acting Like It 

Perhaps the most important tip that you should start using to enhance your cash flow (and thus, your entire business) is to start leveraging the power of modern technology to your advantage. There are a wide range of different financial solutions that allow you to not only submit invoices to clients electronically, but that then allow those clients to pay you in exactly the same way. 

Not only will this make it far, far easier for you to track money that is still "in play" so to speak, but it will also significantly help shorten the time it takes to get you paid for your products and services in the first place. This means that money will be coming in at a much faster rate, helping to make sure that you have the cash on hand necessary to take advantage of certain opportunities as they develop.

Use Your Credit Cards in the Right Ways

Another key tip that you can use to enhance your cash flow actually involves using your company credit card for purchases that you may otherwise pay for by check. Using your company credit card gives you an extra grace period to pay off the card in full each month. This essentially allows you to "push" that cash payment down the road, giving you a bit more breathing room than you'd have rather than the net 15 or net 30 that you'd be dealing with for check-based payments.

Get Organized and Stay That Way

Perhaps the most important step that entrepreneurs can take to enhance their cash flow involves not just getting organized, but doing anything that they have to in order to stay that way as long as possible. Consider creating different types of tier groups in your records, clearly separating people based on when they absolutely need to be paid. 

Order everyone by who must be paid first — meaning that you're definitely going to want to prioritize the government, payroll and certain vendors that may shut off your access to resources before anyone else. Certain others, on the other hand, can easily be paid later without too much undo fuss. Sure, you'd love to be able to pay everyone at the same time — but in the event that you can't, this information will be invaluable to have when making strategic decisions regarding where your available funds should go. 

This itself can also help identify certain trends and patterns that make the next six, 12 and 24 months of essential decisions far easier to predict.

Never Be Afraid to Consult a Professional

At the end of the day, the most important tip that you need to not just understand but truly believe in with regards to cash flow is that you should never be afraid to enlist the help of a trained professional. You're a business leader and you're good at what you do. You wouldn't have gotten this far if you weren't. 

However, that doesn't make you a financial expert and it certainly doesn't mean that you'll have the time necessary in a day to devote to something as mission-critical as proper bookkeeping and other financial tasks. In certain cases you might, sure — but if you start to feel like this is getting overwhelming, it is in your own best interest to pick up the phone and find someone who can lend you a much-needed helping hand. Find an accounting expert who doesn't just have experience in terms of cash flow, but who understands your niche and knows exactly how a business just like yours needs to perform. 

Not only will this help put you in a better position to make positive cash flow gains moving forward, but it'll also give you the essential peace of mind that only comes with knowing your financial needs are being properly (and actively) taken care of.

 

Contact Us Today!
(704) 659-2141

Social Social Social Social

Resources

  • Products
  • Customer Service
  • Payment Options
  • Report a Claim
  • News
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us

Contact Us

14314 Statesville Rd

Huntersville, NC 28070

P: (704)659-2141

info@sumins.com

© Copyright. All rights reserved. | Powered by Insurance Website Builder