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Posts Tagged ‘Business Person’
Monday, July 26th, 2010
As a business person, do you ever find that you are essentially living entirely off your cash flow? In other words, do you spend the money you receive as soon as it comes into your company?
While this “in-one-door, out-the-other” style of managing your cash flow isn’t unusual, it’s also not a method for achieving long-term success. Essentially, you’re just breaking even.
With the help of a virtual CFO or a CPA, you can determine the wisest ways to make the most of the cash coming into your business so you don’t allow it to slip needlessly away. Even if you can only put aside a small portion of it each month, you’ll be ahead of the game down the road.
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FinancialFutureCFO: Protecting your company for the future.
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Tags: Ahead, Business Person, cash flow, CPA, Game, Money, Small Portion, Term Success, virtual CFO
Posted in cash flow management | No Comments »
Monday, May 17th, 2010
You have a stack of bills, but not all of them are created equal.
That’s why it’s so important to have a cash flow plan (and that includes a “just in case” plan “B”) if you’re a business person.
For instance, if you hire employees or contractors, you probably want to put them pretty high up on the “who gets my money first” chain. Same with rent and phone/Internet service. It just makes sense. But what if you don’t have enough to cover every other bill? The stark reality is that some bills may have to partially wait (such as a credit card where you can send a small amount to keep from being delinquent), which will incur you a fee but not necessarily a bad reputation or horrible credit score.
Of course, this isn’t to suggest that you can just “waive” a bill or two. That’s not realistic and it isn’t going to help you. That’s why you may have to get on the phone and negotiate a deal. It takes time, but will save face in the long run.
Emergencies happen and sometimes cash flow is a victim of those emergencies. Make sure you’re ready to make some tough decisions if your income stream is going through a period of drought.
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FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Bad Reputation, Business Person, Case Plan, Cash Flow Plan, Credit Score, Decisions, Drought, Emergencies, Income Stream, Internet Service, Phone Internet, Phone Service, Plan B, Prioritizing, Stack
Posted in cash flow management | No Comments »
Tuesday, November 24th, 2009
It’s that time of year. From now until December 31, you’re likely to receive tons of requests for charitable contributions from nonprofits. Though you’d like to give something to all (or at least most) of them, it’s not practical. Besides… do you even know how much you can afford to give?
It’s a great (and difficult) question, isn’t it?
The fact is that there are many ways to get something from your giving, but you have to know how much you can (or should) give first. And that’s where a CPA and/or CFO can help you analyze your books. For instance, someone with financial expertise can help you evaluate how much you can reasonably afford to donate to local, national or international nonprofits.
Never forget that it’s customary for businesses to give back to their communities in some form, even in difficult economic times such as those we’ve been experiencing in 2009. Make sure you work with a CPA or CFO so you don’t wind up hurting your cash flow as you’re trying to help others.
FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Array, Books, Business Person, cash flow, CFO, Charitable Contributions, Charities, CPA, December 31, Economic Times, Financial Expertise, Financial Help, Helping Others, Mindset, nonprofits, Philosophy, Time Of Year
Posted in Charitable Contributions, Holidays | No Comments »
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