We are proud to present another awesome Whiteboard Wednesday!
Building a small business is not easy. In this video, James Shores talks about three strategies that small businesses should use to keep themselves on the right track.
1. Evaluate Terms: Negotiate payment terms with your vendors and make sure your customers pay you in a timely manner so you don’t wind up being short on cash even after making a lot of sales. Remember, cash flow is how a business stays solvent, not revenue.
2. Manage Capital Funds: Your capital funds include inventory costs, revenue, forecasting, and more. These are all extremely important in helping you stay on top of your finances.
3. Have a Budget: This pretty much goes without saying, but you’ve got to have a budget if you want to know where your money is being spent and how you can make improvements.
Whiteboard Wednesday videos usually focus on inventory management terms, but we also recognize that there’s more to running a business than managing inventory. You’ll find Whiteboard Wednesdays on all sorts of business topics on Fishbowl’s YouTube channel.
Robert Lockard is a copywriter with Fishbowl. He writes for several blogs about inventory management, manufacturing, QuickBooks, and small business. Fishbowl is the #1-requested manufacturing and warehouse management software for QuickBooks users. Robert enjoys running, reading, writing, spending time with his wife and children, and watching movies.