10 Ways To Keep Cash Flowing
Cash flow and cash flow management for small to medium-sized businesses is always a timely subject because “cash is king†and is essentially the air or lifeline of businesses that have limited means of raising capital. With a limited or worse, non-existent flow of cash into the business and large outflows of cash, the business is unsustainable.
Below are 10 ways to keep your cash flow healthy and sustainable.1. Always be aware of how much cash is in your account.
2. Monitor and deduct cash from the amount in your account if a check or payment by other means is in transit between you and the recipient.
3. Determine and monitor how much it costs to keep your business running each month. Also, keep track of these costs by mapping them out on a calendar.
4. Never assume to be paid when you think you will be. Always add a “buffer†time of at least 14 days following the due date of a payment.
5. Take advantage of free marketing opportunities. A perfect example would be like the space offered to members in the Quarterly Newsletter.
6. If you find that you must borrow funds. It might be best to develop a personal relationship with the individual who decides on your file.
7. Stretch your money to build your business. Essentially, make the most out of what you can afford to spend. If you’re a member of X2 Elite, utilize the tools and benefits that come with membership like the Weekly Bulletin, social media, and X2 Quarterly Newsletter as well as our X2 Media design services.
8. Use client money to build your business whenever possible.
9. Don’t rely on balance sheets and income statements. Keep track of the tangible and don’t base all of your operations on figures using amounts that are not actually available to you immediately.
10. Cash flows are like tidewaters. Sometimes the tide is out, but it is not a time for panic because the tide will come back in. By having proper cash flow management, your business will be able to weather the low tides and take advantage of the high tide. However, keep in mind that there will be forces out of your control that might extend the low tide period well beyond your expected timeline.
Member Testimonials
X2 always thrives on raising the bar when it comes to connecting people. X2 conferences are one of a kind! As the founding member, we are happy to be in X2 Elite and the X2 Projects Network.
"We believe in limiting memberships to a minimum and have found our home for projects as well as general cargo within the X2 family."
I've been in the business for over 30 years, I have never had or experienced such and effort by the management team of the network to get members to participate and make their membership work for them.
The professionalism and organisation shown from the X2 team totally blew us away.
Richard is an innovator, what I find great working with him is that he can see the future.
I was positively surprised from the amazing organization and specially the commitment of all X2 Team making this event incredible for everybody and in all complete fields.
We have to skip the networks that are founded only for the benefits of the founders Quality and not quantity.
We found the best way to build trust is to go to the conference and meet with people, talk to them and get to know them.
As a new member of the X2 Network, we are very impressed by the organization and its professionalism and focus on mutual business development. X2 has already given us some great opportunities to work with likeminded partners across the globe on both project and general cargo.
Great energy and drive throughout the X2 Team and high profile Network agents to complement each other’s business across the globe and help achieve positive results. Keep up the good work!
X2 is like a family! We have met so many amazing partners. There has been so much success with the relationships we have developed throughout the years and most importantly friendships that will last a lifetime. And we love the networks' reach!
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We have been a member of X2 since 2014 and have attended six conferences. Richard and his passion for the network with his enthusiastic team have arranged all the conferences perfectly considering every single detail. We made many friends and found new global partners to work with at the conferences. X2 is one of the good solutions for our needs and we hereby thank them for their efforts.
I have attended a lot of networks and annual meetings in the freight industry, but I have never come across a network like X2. This is another level. It is a pleasure to be a part of the X2 network - the professionalism, the attention to detail, the broad and knowledgeable staff - everything at the highest level.
X2 is really an excellent logistics network, with a well-organized team that is always thoughtful and helpful. We are happy with X2 and expect a long journey together.
"At X2 Network we found a group of partners that really want to build a long-term relationship. Companies are run by people that really care about your business and success. X2 Team has been really supportive and very active to develop new opportunities for your business''.
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Our special networking event is about smart freight forwarders coming together to grow and develop business within the group by providing an opportunity for all members to gather in one place to form and extend personal relationships.
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