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Plan for cash gaps and surpluses before they happen
82% of companies that go out of business do so because of poor cash flow visibility and management. That’s a bit doomsday, but knowing your cash position is vital to understanding your business’s numbers, staying on top of the flow of your cash and making proactive decisions that help your business grow.
What is a cash flow forecast?
A cash flow forecast is a plan of when cash will come into and out of your business, while clearly showing what you’ll have in your bank account at the end of the month. Cash flow forecasting helps you figure out exactly how much money your business has, how much money it could and should have, and all the things you can do with it.
It’s the most reliable tool you can have in your arsenal to give you a better understanding of your business. If cash is the lifeblood of your business, then cash flow management is the process of keeping your business’s heart beating.