Keep your small business financially healthy with these easy-to-follow steps!
Running a small business is exciting, but keeping cash flowing smoothly can feel tricky. This checklist breaks it down into clear, doable steps to help you stay on top of your finances. Let’s get started!
Think of your business like a car—you need to check the fuel gauge regularly! Look at your income (money coming in) and expenses (money going out) at least once a week. Use a simple spreadsheet or a tool like CASH Flow MOJO to see where your money’s going.
Guess what’s coming up in the next few months—bills, payroll, or new equipment? Write down expected income and expenses to avoid surprises. For example, if you know a big tax payment is due, plan for it now.
Look at your subscriptions or services. Are you paying for software you barely use? Cancel or downgrade anything that’s not helping you make money. For instance, switch to a cheaper phone plan if it’s eating up your budget.
Waiting for clients to pay can stress you out. Send invoices right after a job is done, and set clear payment terms (like “due in 7 days”). Offer a small discount for early payments to encourage quick action.
Aim to have enough cash saved to cover 2–3 months of bills. It’s like an emergency fund for your business. Start small—set aside 5% of every sale until you build up that safety net.
Talk to your suppliers and ask for better payment terms, like paying 30 days later instead of right away. This gives you more breathing room. For example, if you buy inventory, ask if you can pay in installments.
Make life easier by setting up automatic invoices and reminders. Tools like GoHighLevel can send invoices for you, so you don’t have to chase clients. This keeps cash coming in without extra hassle.
Are you charging enough for your products or services? If your costs have gone up, it might be time to raise your prices. Check what competitors charge to make sure you’re not leaving money on the table.
Want to make cash flow management even easier? Try CASH Flow MOJO for powerful tools to keep your finances on track!
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