{"id":287,"date":"2021-06-06T17:40:10","date_gmt":"2021-06-06T17:40:10","guid":{"rendered":"https:\/\/www.forwardai.com\/blog\/?p=287"},"modified":"2022-12-21T05:19:50","modified_gmt":"2022-12-21T05:19:50","slug":"how-to-help-smes-avoid-cash-flow-mistakes","status":"publish","type":"post","link":"https:\/\/www.forwardai.com\/knowledge-center\/blog\/how-to-help-smes-avoid-cash-flow-mistakes\/","title":{"rendered":"How to Help SMEs Avoid Cash Flow Mistakes"},"content":{"rendered":"\r\n\r\n\r\n<p class=\"wp-block-paragraph\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/06\/c-41604-1671599779574-591a1936dcb4e24a57ac0e13923e7e3c-1-300x200.jpg\" alt=\"Helping SMEs Avoid Cash Flow Mistakes\" width=\"737\" height=\"491\" class=\" wp-image-5968 aligncenter\" srcset=\"https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/06\/c-41604-1671599779574-591a1936dcb4e24a57ac0e13923e7e3c-1-300x200.jpg 300w, https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/06\/c-41604-1671599779574-591a1936dcb4e24a57ac0e13923e7e3c-1-1024x683.jpg 1024w, https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/06\/c-41604-1671599779574-591a1936dcb4e24a57ac0e13923e7e3c-1-768x512.jpg 768w, https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/06\/c-41604-1671599779574-591a1936dcb4e24a57ac0e13923e7e3c-1-1536x1024.jpg 1536w, https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/06\/c-41604-1671599779574-591a1936dcb4e24a57ac0e13923e7e3c-1-2048x1365.jpg 2048w, https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/06\/c-41604-1671599779574-591a1936dcb4e24a57ac0e13923e7e3c-1-360x240.jpg 360w, https:\/\/www.forwardai.com\/knowledge-center\/wp-content\/uploads\/2021\/06\/c-41604-1671599779574-591a1936dcb4e24a57ac0e13923e7e3c-1-272x182.jpg 272w\" sizes=\"auto, (max-width: 737px) 100vw, 737px\" \/><\/p>\r\n<p>Cash flow mistakes are nothing short of a killer for small businesses. As a financial professional, you know\u00a0<strong><a href=\"https:\/\/www.forwardai.com\/forwardly\">cash flow<\/a>\u00a0rules<\/strong> everything, and determines whether your clients are able to pay their vendors and loans. It determines whether they can invest in more inventory or better equipment, make payroll, and more.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">At ForwardAI, we provide data analytics on cash flow exactly so business owners can avoid cash flow mistakes. And, along with data, there are lots of things that entrepreneurs can incorporate into their daily financial diet to make sure they don\u2019t make those cash flow mistakes.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Want to help your clients avoid the biggest headaches (and do better than that meager 27-day cash buffer most entrepreneurs have)? Here\u2019s what we know as cash flow pros that you need to make sure you do, too.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>1. Understand revenue streams<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Where is your money coming from?<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">If small-to-medium enterprises (SMEs) can\u2019t answer that question, or don\u2019t have a deep understanding of their revenue sources as well as the percentage of its total inflows, then they\u2019re bound to make cash flow mistakes.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">For example, many entrepreneurs ride high on the success of one product or service, but don\u2019t prepare for potential insolvency the day when, inevitably, their sales on that one SKU will decline. That\u2019s one of the many reasons it\u2019s good business practice to create a plan for diverse revenue streams \u2013 including developing a way to secure <strong><a href=\"https:\/\/www.forwardai.com\/knowledge-center\/blog\/forwardai-predict\/recurring-revenue-5-proven-models\/\">monthly recurring revenue<\/a><\/strong>\u00a0<strong>(MRR)<\/strong> that they can depend on.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">To help your clients avoid cash flow mistakes around revenue, help them make certain they know the composition of their inflows. If they\u2019re able to understand that their eggs are potentially all in one basket, they\u2019ll be better able to future-proof their business model.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>2. Capitalise correctly<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">We don\u2019t have to tell you that debt is a major problem for small business owners.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Many entrepreneurs under capitalise from the start, launching their business without the correct funds to support their efforts. This puts SMEs behind the 8 ball on cash flow almost immediately \u2013 and a\u00a0<strong><a href=\"https:\/\/www.forwardai.com\/knowledge-center\/blog\/forwardai-predict\/balance-sheet-basics-for-business-owners\/\">lopsided balance sheet<\/a><\/strong>\u00a0isn\u2019t ever easy to overcome.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">In order to provide guidance for this common issue that leads to cash flow mistakes, encourage clients to deeply scrutinize their outflows and expenditures. Additionally, although under capitalisation means that business owners won\u2019t be able to pay off their debts at once, they should look to identify their most expensive debts (i.e. highest-interest accruing) so they\u2019re not in the hole more than they should be.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Another solution in the short term is to free up cash to pay off liabilities off through\u00a0<a href=\"https:\/\/www.forwardai.com\/knowledge-center\/blog\/forwardai-predict\/invoice-factoring-a-beginners-guide\/\">invoice factoring<\/a>. With this kind of business financing, entrepreneurs can sell off unpaid invoices to a company for a small discount in exchange for immediate payout of outstanding invoices. If businesses are struggling to pay off debts, consider encouraging them to look into this option.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>3. Keep business finances separate<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">If for some reason SMEs haven\u2019t yet completely put\u00a0<strong><a href=\"https:\/\/www.fundera.com\/blog\/separate-business-and-personal-finances\" target=\"_blank\" rel=\"noreferrer noopener\">a wall between their personal and business finances<\/a><\/strong>, some major intervention is needed. There are so many reasons why commingled money is an issue \u2013 not least of all dangerous tax implications and the potential for audits.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">But if there\u2019s one thing that can help business owners understand the importance of this practice, it\u2019s this: it\u2019s impossible to understand your financial position if your money isn\u2019t organised. How can you make cash flow forecasts or really make sense of your cash position if everything is mixed up? How can you make decisions about the future of your business and whether or not your company has enough runway to take you through a given period of time? Short answer: You can\u2019t.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>4. Be realistic<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Asking business owners to be realistic about their financial situations sounds simple \u2013 and maybe even silly. But losing touch with reality is where some of the most detrimental cash flow mistakes are made.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Maybe it\u2019s happening because they\u2019re banking future plans on a P.O. that hasn\u2019t come through, a company innovation that hasn\u2019t yet been approved by regulatory boards, or something else. Adding big expenditures to your balance sheet before you\u2019re sure that you\u2019re going to have the capital to pay for them can backfire, putting SMEs in a crunch.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">In other situations, some business owners won\u2019t let themselves see the writing on the wall, so to speak. Are customers dropping like flies? Are subscription renewals down? Are credit card bills piling up? Are the day-to-day details slipping in the name of \u201cinnovation\u201d? These are just examples \u2013 but they can all cause damage if they\u2019re not dealt with correctly. And many entrepreneurs refuse to acknowledge they could have a cash flow issue before it\u2019s too late to act.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>5. Have the right plans in place<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">The best entrepreneurs don\u2019t just start a business when it feels good. They have plans in place.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">A robust business plan provides entrepreneurs with a sense of focus, financial goals, and a trajectory. Business owners will be more prone to make mistakes if they\u2019re navigating in the dark, and don\u2019t have goals to reach.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">For instance, they might be not diligent about putting aside money for marketing and promotion \u2013 or forget about it entirely \u2013 if it\u2019s not part of the plan. Or perhaps risks haven\u2019t been considered or assessed, which means in the event of an emergency, SMEs might not have the cash available to take care of the problem. Similarly, unless plans are in place, one would have to make a pretty good guess about how much money they need to bring in each week to become cash flow positive. You get the gist.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">This doesn\u2019t just apply to big-picture business plans, however. Business owners\u00a0<em>must\u00a0<\/em>have the correct forecasts in order to avoid cash flow mistakes. That includes a monthly\u00a0<strong><a href=\"https:\/\/www.forwardai.com\/knowledge-center\/blog\/forwardai-predict\/5-reasons-to-use-forwardai-for-your-cash-flow-forecast\/\">cash flow forecast<\/a><\/strong>\u00a0and\u00a0<strong><a href=\"https:\/\/www.forwardai.com\/knowledge-center\/blog\/forwardai-predict\/cash-flow-budget-why-it-matters-for-good-business\/\">cash budget<\/a><\/strong>\u00a0to have a real sense of their financial position \u2013 and subsequent decisions that are necessary as a result.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>6. Don\u2019t be data poor<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Speaking of making guesses\u2026 well, just\u00a0<em>don\u2019t.<\/em>\u00a0Your clients need real, accurate data to make decisions that are beneficial for their business solvency and growth. Especially when it\u2019s readily available.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Part of that means working closely with a financial professional \u2013 that\u2019s you! \u2013 and looking at real numbers (remember, that\u2019s a piece of business owners being realistic about how things are, not how they might see them). And, since SMEs consider their financial pro their top trusted source for advice, you may want to tap into extra valuable data, too.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">ForwardAI \u00a0is one such way to easily access valuable cash flow data for your clients. Connecting directly to QuickBooks Online, ForwardAI provides near-realtime analytics on cash flow position, with highly visual readouts that clients can understand.\u00a0<strong><a href=\"https:\/\/www.forwardai.com\/forwardly\">Accountants and bookkeepers<\/a><\/strong>\u00a0can use the data in ForwardAI to help SMEs improve their financial health and make decisions to improve cash flow.<\/p>\r\n\r\n\r\n\r\n<p><strong><a href=\"https:\/\/www.forwardai.com\/predict\">Signing up<\/a>\u00a0for\u00a0ForwardAI\u00a0is easy. Just create your free account, connect your business and run your cash flow forecast.<\/strong><\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\"><em>The information in this article is not financial advice and does not replace the expertise that comes from working with an accountant, bookkeeper or financial professional.<\/em><\/p>\r\n<p>Image: graphicstock<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Cash flow mistakes are nothing short of a killer for small businesses. As a financial professional, you know\u00a0cash flow\u00a0rules everything, and determines whether your clients are able to pay their vendors and loans. It determines whether they can invest in more inventory or better equipment, make payroll, and more. At [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-287","post","type-post","status-publish","format-standard","hentry","category-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Help SMEs Avoid Cash Flow Mistakes - ForwardAI<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.forwardai.com\/knowledge-center\/blog\/how-to-help-smes-avoid-cash-flow-mistakes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Help SMEs Avoid Cash Flow Mistakes - ForwardAI\" \/>\n<meta property=\"og:description\" content=\"Cash flow mistakes are nothing short of a killer for small businesses. As a financial professional, you know\u00a0cash flow\u00a0rules everything, and determines whether your clients are able to pay their vendors and loans. It determines whether they can invest in more inventory or better equipment, make payroll, and more. 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