As anyone who has started their own company can attest, your cash position can be extremely tight as a small outfit.
Whether you have significant financial backing or you are bootstrapping, you must make sure that your command of the company’s finances is second to none. If you don’t have an eagle eye on expenditure and credit control and haven’t accounted for unexpected costs arising, you can surely expect your company to run out of money and fail.
We always find that the best advice comes from the people who have experienced the highs and lows of running a business first hand. In this guide, in association with Fleximize, we speak to five companies that experienced real cash flow pressures that threatened their business. Some have been right to the brink of failure, showing the utmost resilience to turn their fortunes around and make their business a success. For others, a few tweaks here and there to their operations ensured a more comfortable cash buffer moving forward. All have helpful tips to pass on about keeping your finances in check.
We hope the stories in this guide can inspire you in your own business journey and help you manage your cash position better on the road to success.