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Do you know how your business is doing?

cashflow Mar 04, 2020

By Sylvie Poitras

 

What is your current cash flow?

Industry Canada states, "The #1 reason Canadian small businesses fail is because of inexperienced management.  Business owners don't have the experience or knowledge they need to run their businesses successfully." 

Does this mean that you should just give up? Absolutely not! It just means that you need learn how to stay on top of it. What does that really mean?

Well, let’s go back in time for a moment. Years ago, we did most of our purchases using cash. The amount of money in our pocket dictated if we would buy something or not, depending on what else we needed to buy that day. When we had cash in our pockets, we “managed” our cash flow throughout the day.

Now that we use debit cards, we only see the balance when we go online. Plus, since we are getting ‘a’ card out, it makes it easier to grab the credit card instead when we are not sure. It is so much easier to lose...

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