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How to manage cash in your small business

It seems barely a day goes by when I don't hear about a business getting into strife as a result of poorly managed cash flow. Cash is so obviously crucial to the success of any business, indeed it is the lifeblood, but if it is so obvious, then why do so many small business owners struggle to predict cash flow and stay on top of it?

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What financial skills do you need to manage a creative agency?

It's a rare thing to find someone running a small creative agency with a financial background, in fact this is true of most small businesses. We start a business, typically, because we are good at the "thing" the business does and we feel there is an opportunity to start a business exploiting that skill and not because we want to learn about cash flow.

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Is my startup burning through cash too quickly?

There has been a lot of chatter over the last few years about how much cash startups are burning through on a monthly basis. And for good reason, as 24% of all startups fail from running out of cash.  Cash can come and go in a flash, even if it seems impossible to burn through all the venture capital you’ve received.  So how can startups manage their burn rate and avoid going bust so early on in their existence?

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Top 5 financial questions for not-for-profits and how to answer them

Many of us within the creative industries are also embedded in the not-for-profit world. You might be on the board of an NFP, or on staff or maybe even providing funding for them.

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Why managing trade debtors is so important and what to do about it

It's a sad fact that over 60% of small businesses in Australia fail within the first three years of opening their doors. What is even sadder about this is that many of these businesses didn't fail because they had a terrible idea to start with (though some did!), but rather they failed because of poor cash management. The had insufficient working capital (i.e. cash) to deliver on their plans and went under as a result. All the more sad because it didn't need to be this way.

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