When a business fails it’s normally because it has run out of cash and can’t pay its bills on demand. This can happen to successful businesses, with attractive products and services, healthy sales and profit margins. Ensuring that your cash flow remains healthy needs to be a key priority for your business. That means not only not spending more than you can afford, but also, if you allow your customers a certain amount of time to pay, ensuring that they pay you on time.
Cash flow forecasts can enable your business to avoid cash flow problems, but how do you create them and how do you set budgets that help you to manage your costs in the first place? In this episode, we speak to serial entrepreneur Darren Fell, founder and CEO of Crunch Accounting. Darren offers practical tips on how to create cash flow forecasts and set budgets.
This episode is brought to you thanks to the support of investment platform, Lightyear.
Show notes for the episode can be found on the Start Your Own Business podcast website. Visit Start Up Donut and sign up to the Donut newsletter for more free start-up news, advice and special offers to help you save time and money.
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