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Effective Cash Flow Management Strategies for Business Success

Learn crucial tips to maximize your business's cash flow and financial stability. Understand cash flow, projections, expense management, and sales boosting strategies to ensure business longevity. Get additional support resources for financial resilience.

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Effective Cash Flow Management Strategies for Business Success

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  1. How to… Support your business by maximizing your cash flow Dwayne Mann Sr. Vice President, Business & Corporate Credit

  2. What to focus on? Don’t act on emotion, assess each situation as rationally as possible Understand and monitor your cash flow • Prepare a week by week projection of inflows and outflows • You must know where you stand at all times • Lack of cash is what kills • If not in balance, adjust quickly: • Slow down inventory purchases • Collect receivables quicker • Stretch payments to suppliers if possible • Cut expenses that won’t help boost short term sales (no nice to haves) • Reduce owner with-drawls and payments • Can staff work 3 or 4 days instead of 5 • Changes in inventory

  3. What to focus on? Develop a sales boost strategy to increase cash • YYCisopen.com campaign • Connect with your Business Revitalization Zone • Utilize available customer data to: • Let people know you’re open again and offer discounts Keep your bank and suppliers informed • Share details and ask for advice • Be upfront about your business viability • Work to find a solution that works Seek additional support where available • Flood relief assistance through your financial institution • Alberta Government Flood Recovery Programs • Friends, peers, lawyer, book-keeper, accountant

  4. What else to be aware of? • Understand your insurance • Get to know the flood relief programs • Budget wisely for repairs and stick to it

  5. Recap: 5 Steps to Support your Business • Understand and monitor your cash flow • Tighten expenses wherever possible • Develop a sales boost strategy • Keep surprises to your bank and suppliers to a minimum • Seek additional support where available • More tips & resources available at the ATB Financial table

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