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How a Part-Time CFO Can Resolve 8 Common Business Cash Flow Problems

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How a Part-Time CFO Can Resolve 8 Common Business Cash Flow Problems

Most professionals understand that to be profitable, money coming in must be more than money going out. Cash flow is crucial to the success of a business, but it is often a sore subject for business owners. A whopping 82% of small businesses fail because of cash flow issues, making it the number one reason small businesses fold. But cash flow is far from simple because it can cover a wide range of problems. Keep reading to learn about the eight most common business cash flow problems and how CFO services could help you solve them effectively.

Why is cash flow important?

Positive cash flow enables you to grow your business, investing in new ventures or hiring new  cfo email list  employees. Negative cash flow means that more money is going out than coming in, which ultimately leads to failure. Cash is the lifeblood of your business, ensuring that payments are made for inventory, salary, rent, and additional operational costs. If your cash flow is suffering, CFO services can help identify the problem, which is the first step towards finding a viable resolution.

1. The cause of the problem is unknown.

Identifying that you have a cash flow problem is usually not difficult. When spending exceeds available cash, it is obvious that the lack of cash becomes a problem. If you want to tackle the issue, though, you will have to identify the cause. For many businesses, a lack of cash can arise without an immediately clear source.

Planning and organization are crucial to understanding your cash flow. Start by categorizing your spending and noting the percentages for each category. If the current distribution of cash does not make sense for your business goals or operations, you may be overspending in one or more categories. Focus your efforts on reducing spending or making adjustments in the higher categories first.

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A financial professional, such as a part-time CFO, can provide valuable insight for your cash distribution. They can offer expert advice on the current state of your cash flow distribution and suggest improvements. Also, by hiring a part-time CFO, you can benefit from financial expertise without committing to a full-time executive salary.

2. The books are not organized.

Entrepreneurs and business owners are busy, so bookkeeping often takes a backseat on the priority list. Unfortunately, disorganized books can cause a headache in the future. Inconsistent invoicing, a lack of payment records, and disorganized billing can result in money lost and serious cash problems.

Organizing your books takes time, but it can help you identify unpaid invoices or other inconsistencies that lose you money. Putting an accounting system in place can help ensure your books are always up to date. This system can also generate reports that provide insight for both you or your accounting team on the financial state of your business. If your team does not have the necessary talent to maintain sufficient accounting records,, a part-time CFO may be a worthwhile addition to your team.

3. Cash flow benchmarks are not in place.

Are your budgets based on data? Allocating money without a clear goal or reason is dangerous and often leads to cash flow issues. It is easy to start a cycle of overspending, which makes it more difficult to cut back later. Researching your industry and the spending of similar companies can help provide a benchmark for your cash position. Make sure to identify companies in a similar lifecycle stage for the most accurate benchmarks.

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