{"id":5954,"date":"2023-01-12T03:20:56","date_gmt":"2023-01-12T03:20:56","guid":{"rendered":"https:\/\/www.forwardai.com\/knowledge-center\/?p=5954"},"modified":"2022-12-21T03:24:28","modified_gmt":"2022-12-21T03:24:28","slug":"how-small-business-owners-can-help-cork-cashflow-problems","status":"publish","type":"post","link":"https:\/\/www.forwardai.com\/knowledge-center\/blog\/how-small-business-owners-can-help-cork-cashflow-problems\/","title":{"rendered":"How Small-Business Owners Can Help Cork Cashflow Problems"},"content":{"rendered":"<p><em><strong>Originally published on <a href=\"https:\/\/www.forbes.com\/sites\/forbesfinancecouncil\/2022\/12\/13\/how-small-business-owners-can-help-cork-cashflow-problems\/\" target=\"_blank\" rel=\"noopener\">Forbes.com<\/a>.<\/strong><\/em><\/p>\n<p><em>Nick Chandi is the CEO of <a href=\"https:\/\/www.forbes.com\/sites\/forbesfinancecouncil\/2022\/12\/13\/how-small-business-owners-can-help-cork-cashflow-problems\/\" target=\"_blank\" rel=\"noopener\"><strong>ForwardAI<\/strong><\/a>, which offers easy, versatile business data access and analysis for banks, lenders and fintechs.<\/em><\/p>\n<p>Launching your own business can be rewarding, but frustrating and scary at the same time, especially with today\u2019s supply chain challenges and inflation. Running a business also comes with additional expenses that founders may not consider in detail when they first launch, like office space, furniture, supplies, utility bills, subscription, registration, delivery fees and more. As businesses scale, costs scale.<\/p>\n<p>If you\u2019re not actively collecting payment on your invoices, someone is bound to get the short end of the stick, whether that\u2019s you, your employees, vendors or customers. Unfortunately, a lot of small and medium-sized businesses (SMBs) struggle with cash flow because they fail to collect invoices. Data from 2017 shows that about 64% of SMBs surveyed suffered from delinquent payments and unpaid invoices across U.S.-based SMBs, totaling<span>\u00a0<\/span><a href=\"https:\/\/www.prnewswire.com\/news-releases\/fundbox-study-reveals-crippling-effects-of-late-or-unpaid-invoices-300424576.html\" target=\"_blank\" class=\"color-link\" title=\"https:\/\/www.prnewswire.com\/news-releases\/fundbox-study-reveals-crippling-effects-of-late-or-unpaid-invoices-300424576.html\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https:\/\/www.prnewswire.com\/news-releases\/fundbox-study-reveals-crippling-effects-of-late-or-unpaid-invoices-300424576.html\" aria-label=\"$825 billion\"><strong>$825 billion<\/strong><\/a><span>\u00a0<\/span>at the time. Without cash in the bank, owners can\u2019t make a lot of major business decisions, like buying inventory, hiring new employees, investing in equipment or making critical repairs, all of which can severely impact operations. In many such cases, owners can\u2019t even afford to pay themselves.<\/p>\n<p>Traditional payment methods also compound cash flow issues. Checks are the most common business-to-business (B2B) means of payment, with 81% of businesses paying other firms via<span>\u00a0<\/span><strong><a href=\"https:\/\/www.pymnts.com\/news\/b2b-payments\/2021\/deep-dive-why-paper-checks-still-factor-into-b2b-firms-payment-optimization-plans\/\" target=\"_blank\" class=\"color-link\" title=\"https:\/\/www.pymnts.com\/news\/b2b-payments\/2021\/deep-dive-why-paper-checks-still-factor-into-b2b-firms-payment-optimization-plans\/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https:\/\/www.pymnts.com\/news\/b2b-payments\/2021\/deep-dive-why-paper-checks-still-factor-into-b2b-firms-payment-optimization-plans\/\" aria-label=\"paper checks\">paper checks<\/a><\/strong>. But checks can take 90 days to pay on average and cost anywhere between $12 to $30. Even automated clearing house (ACH) payments take up to seven days to clear. In today\u2019s volatile economic world, owners don\u2019t always have the time to wait 90 or even seven days for settlements. They risk losing their whole business waiting on an unpaid invoice, which contributes to a<span>\u00a0<\/span><strong><a href=\"https:\/\/www.coface.com.sg\/Our-offer\/Trade-Credit-Insurance-for-businesses\/Impact-of-unpaid-invoice-over-turnover#:~:text=25%25%20of%20bankruptcies%20are%20due%20to%20unpaid%20invoices&amp;text=When%20a%20business%20closes%20down,are%20due%20to%20unpaid%20invoices.\" target=\"_blank\" class=\"color-link\" title=\"https:\/\/www.coface.com.sg\/Our-offer\/Trade-Credit-Insurance-for-businesses\/Impact-of-unpaid-invoice-over-turnover#:~:text=25%25%20of%20bankruptcies%20are%20due%20to%20unpaid%20invoices&amp;text=When%20a%20business%20closes%20down,are%20due%20to%20unpaid%20invoices.\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https:\/\/www.coface.com.sg\/Our-offer\/Trade-Credit-Insurance-for-businesses\/Impact-of-unpaid-invoice-over-turnover#:~:text=25%25%20of%20bankruptcies%20are%20due%20to%20unpaid%20invoices&amp;text=When%20a%20business%20closes%20down,are%20due%20to%20unpaid%20invoices.\" aria-label=\"quarter of bankruptcies\">quarter of bankruptcies<\/a><\/strong>.<\/p>\n<p>Founders struggling with cash flow management can improve their invoicing stream by collecting payments upfront, invoicing promptly and establishing a \u201cnet 30\u201d schedule that speeds up the payments life cycle. Owners can even offer discounts on early payment\u2014but be sure to build the difference into the cost of your products and services. These fixes are a start, but it\u2019s also important to consider the clarity of your visibility into your finances. It can be easy to find yourself in a position where you don\u2019t know what you don\u2019t have or when you will have it.<\/p>\n<div class=\"recirc-module marketPlace\" data-type=\"standard\">\n<div class=\"recirc-module-body\" id=\"recirc-unit\">\n<div class=\"recirc-articles\">\n<div class=\"recirc-block-padding\"><a class=\"recirc-img\" href=\"https:\/\/www.forbes.com\/advisor\/travel-insurance\/best-pandemic-travel-insurance\/?utm_source=forbes&amp;utm_medium=recirc&amp;utm_campaign=tirecircnov\" aria-label=\"Graphic Best Covid-19 Travel Insurance Plans\" data-ga-track=\"Advisor Recirc - Multiple Articles - Link 2\"><\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Owners interested in having a bird\u2019s-eye view of their funds should consider investing in a cash flow forecasting and management tool to track expenses and receipts and predict future financial performance. A good system will allow owners to take proactive steps to manage cash flow. For example, consider that payroll needs to be pre-funded seven days in advance of when it\u2019s due. A helpful system will assist in predicting your cash flow in order to see what bills you need to hold and what invoices you need to collect before you can comfortably fund payroll and pay your employees.<\/p>\n<p>It\u2019s a particularly handy tool considering how seasonal some businesses are, especially in the hospitality sector. A forecasting and management platform that fits your seasonal business will help you stock ahead of time or find it on sale, and can help onboard employees without depending on the income they generate from holiday sales or running out of cash because it was poorly managed.<\/p>\n<p>SMB founders can also consider expanding their payment methods from basic checks, and accommodate various customer and supplier payment methods to speed up settlements and stabilize cash flow. Founders can also ask their banks whether they offer real-time payments via the RTP network so SMBs can get paid in real time and access features like request-to-pay, which can significantly shorten the payments life cycle and reduce risks for banks and businesses, given that the money is irrevocably transferred in real time.<\/p>\n<p>Real-time payments have soared over the last few years, and<span>\u00a0<\/span><strong><a href=\"https:\/\/www.insiderintelligence.com\/charts\/real-time-payment-transactions-by-country\/\" target=\"_blank\" class=\"color-link\" title=\"https:\/\/www.insiderintelligence.com\/charts\/real-time-payment-transactions-by-country\/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https:\/\/www.insiderintelligence.com\/charts\/real-time-payment-transactions-by-country\/\" aria-label=\"India and China have taken the lead\">India and China have taken the lead<\/a><\/strong><span>\u00a0<\/span>globally, with instant transactions of $25 billion and $15 billion, respectively. By contrast, the U.S. made just<span>\u00a0<\/span><strong><a href=\"https:\/\/www.insiderintelligence.com\/charts\/real-time-payment-transactions-by-country\/\" target=\"_blank\" class=\"color-link\" title=\"https:\/\/www.insiderintelligence.com\/charts\/real-time-payment-transactions-by-country\/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https:\/\/www.insiderintelligence.com\/charts\/real-time-payment-transactions-by-country\/\" aria-label=\"$1.22 billion in 2021\">$1.22 billion in 2021<\/a><\/strong>. Right now, over 250 financial institutions<span>\u00a0<\/span><strong><a href=\"https:\/\/www.theclearinghouse.org\/payment-systems\/rtp\/institution\" target=\"_blank\" class=\"color-link\" title=\"https:\/\/www.theclearinghouse.org\/payment-systems\/rtp\/institution\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https:\/\/www.theclearinghouse.org\/payment-systems\/rtp\/institution\" aria-label=\"reach\">reach<\/a><\/strong><span>\u00a0<\/span>about 61% of demand deposit accounts on the RTP network, the premier real-time payments system in the U.S.<span>\u00a0<\/span><strong><a href=\"https:\/\/www.frbservices.org\/financial-services\/fednow\/about.html#:~:text=The%20FedNow%20Service%20is%20a,every%20day%20of%20the%20year.\" target=\"_blank\" class=\"color-link\" title=\"https:\/\/www.frbservices.org\/financial-services\/fednow\/about.html#:~:text=The%20FedNow%20Service%20is%20a,every%20day%20of%20the%20year.\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https:\/\/www.frbservices.org\/financial-services\/fednow\/about.html#:~:text=The%20FedNow%20Service%20is%20a,every%20day%20of%20the%20year.\" aria-label=\"FedNow\">FedNow<\/a><\/strong>, the Federal Reserve Banks\u2019 instant payment service, is also expected to launch next year, so there\u2019s plenty of opportunity for further growth and widespread adoption as more instant payment avenues become available.<\/p>\n<p>Most U.S. businesses expect to be able to send and receive instant payments by 2023. For many, there\u2019s a real \u201c<strong><a href=\"https:\/\/www.icba.org\/newsroom\/blogs\/main-street-matters\/2022\/04\/27\/why-small-business-see-a-(use)-case-for-instant-payments\" target=\"_blank\" class=\"color-link\" title=\"https:\/\/www.icba.org\/newsroom\/blogs\/main-street-matters\/2022\/04\/27\/why-small-business-see-a-(use)-case-for-instant-payments\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https:\/\/www.icba.org\/newsroom\/blogs\/main-street-matters\/2022\/04\/27\/why-small-business-see-a-(use)-case-for-instant-payments\" aria-label=\"pent-up\">pent-up<\/a><\/strong>\u201d demand, with nearly half of all businesses surveyed interested in using RTP for recurring or ad hoc bill pay. For SMBs, there are actions to take now to help improve cash flow management that require no additional technology. When appropriate, the use case for instant payments is clear\u2014pay quickly and get paid quickly to help improve or maintain a steady cash flow.<\/p>\n<p>&nbsp;<\/p>\n<p><em><strong>Originally published on <a href=\"https:\/\/www.forbes.com\/sites\/forbesfinancecouncil\/2022\/12\/13\/how-small-business-owners-can-help-cork-cashflow-problems\/\" target=\"_blank\" rel=\"noopener\">Forbes.com<\/a>.<\/strong><\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Originally published on Forbes.com. Nick Chandi is the CEO of ForwardAI, which offers easy, versatile business data access and analysis for banks, lenders and fintechs. Launching your own business can be rewarding, but frustrating and scary at the same time, especially with today\u2019s supply chain challenges and inflation. Running a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5956,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-5954","post","type-post","status-publish","format-standard","has-post-thumbnail","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 Small-Business Owners Can Help Cork Cashflow Problems - 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-small-business-owners-can-help-cork-cashflow-problems\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Small-Business Owners Can Help Cork Cashflow Problems - ForwardAI\" \/>\n<meta property=\"og:description\" content=\"Originally published on Forbes.com. Nick Chandi is the CEO of ForwardAI, which offers easy, versatile business data access and analysis for banks, lenders and fintechs. Launching your own business can be rewarding, but frustrating and scary at the same time, especially with today\u2019s supply chain challenges and inflation. 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