A lack of planning and short-sightedness can spell DOOM for your company. Economic slowdowns, unforeseen expenditures, PR disasters, or simply growing too quickly can catch you off-guard and cause real, lasting damage. Keeping an up-to-date set of books and regularly reviewing your financial statements is a good start, but is it enough? For many organizations, the answer is no. In this month’s article, we discuss what else you can do to ensure your future is bulletproof.
Insufficient cash flow and poor planning can wreak havoc with payroll, force you to access expensive debt, and cause substantial harm to your entertainment business — to say nothing of the anxiety and sleepless nights you’ll experience. The secret to avoiding the ‘short trap’ lies in shortening your company’s cash conversion cycle. Among other things, that means proactive invoicing and savvy use of credit. Read our insider tips for minimizing the time between paying for goods and services and when you get paid. It can make all the difference to your company’s short- and long-term health. (Not to mention your own!)