When it comes to managing your small business's assets, the struggle is real. From late-paying clients to natural disasters, there are literally dozens of factors that can easily interfere with your business's cash flow. But, although you can't anticipate every single problem that comes your way, you can certainly diminish their impact on your finances. In episode #158, Gene Marks and his guest, Steve Jones, provide practical strategies for regulating your small business's cash flow.

Executive Summary
1:22—Today's Topic: How Do I Ensure a Steady Cash Flow for My Small Business?

2:09—Small business owners are encouraged to use either an app or software system to collect receivables and ensure that they get paid in a timely manner. Inefficient billing practices can also undermine professionalism.

4:36—Accepting payment in all forms, including credit card purchases, can help contribute to the stability of your business's cash flow.

5:44—Outsourcing your collections to an agency is another way to make sure that you get paid, especially if you don't have the time or temperament to do it yourself.

7:32—It is worth investing in some type of catastrophe insurance since there are certain policies that will protect your business's cash flow in the event of a shutdown. You should also consider payroll billing, which allows you to collects money in real time and prevents you from overspending on workers comp.

10:53—When working with suppliers, be sure to explore all your financing options since these can either hinder or help your current cash flow. Ultimately, it boils down to finding an arrangement that suits your specific business.

12:41—Establishing a strong relationship with your bank or bookkeeper is critical to your business's success because they can provide you with an honest assessment of your financial situation via cash reports.

15:27—If you're not adept at managing your business's cash flow, you may want to delegate it to another staff member who is more proficient in these matters.

19:34—As a small business owner, you need to be so familiar with your budget and finances that you can immediately tell if something is off.
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Transcript
Gene: Hi everybody and welcome to The Hartford Small Biz Ahead podcast. My name is Gene Marks. Elizabeth is taking the day off. Steve Jones is my guest today. He's the CMO of small commercial here at The Hartford. Steve, it looks like Elizabeth is slacking. She's taking a few days off. We're going to have to have a talk with her.

Steve: Not at all surprised.

Gene: Yeah, not at all surprised. Right?

Gene: You see we know her well. So this is not news to us. We're looking forward to Elizabeth coming back soon. We're also looking forward to our talk which this episode we're going to be talking about cash flow in your small business and some tips and some thoughts on how to improve it and things to do that you can increase your cash flow. So look forward to you joining us. We're going to take a quick break to hear from our sponsor The Hartford and we'll be back in a minute.
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This podcast is brought to you by The Hartford. When the unexpected strikes, The Hartford strikes back for over 1 million small business customers with property,