5 Smart Cash Flow Tips from Dun and Bradstreet ExecRamon Ray
Joe Pascaretta knows a thing or two about small business growth. Yes, he heads small business marketing for Dun and Bradstreet but he has also run a landscaping business and he and his team speak to thousands of business owners year.
Video and Remote Work
In a recent Smart Hustle Small Business Podcast , Joe shared that just about every small business owner has been forced to leverage new digital capabilities in their business. One of the trends D&B is seeing is the increasing use of video in small businesses.
While many business owners find video marketing relatively easy, there are many who do it and find it difficult. There are plenty of people you can hire to help you start using video in your business
Another trend D&B is seeing is human capital transformation. Even small business owners, they’re seeing the need to adapt to “work from home” allowances in their hiring.[Looking for help with your small business credit score? See Dun and Bradstreet]
Many business owners run out of cash. This, Joe said, is a huge challenge for small business owners. What to do about it?
Joe offered this advice:
- Understand your costs. What is the cost to run your business? The COST to create the products you’re selling and the overhead costs to run your business, employee salaries, and more.
- How am I bringing in Money? Joe said that it’s imperative to have a clear understanding of all the revenue streams of your business.
- Vendor relations. Having a great relationship with your vendor is important. Especially in a “crunch time” you can turn to them and ask for better financing rates or extended times to pay your bills due – accounts payable.
- Optimize your business. I personally find that one of the most important things any business owner can do is to optimize their own business. Find all the “holes” in your business that are leaking money, wasting time and etc.
- Capital to sustain challenging times. Joe shared the story of a tailer who bought a huge extra inventory of zippers. When asked why, the tailor explained that in a down economy people won’t buy so many new suits but they’ll repair the ones they have. Having the capital and foresight to plan for the future is important.