Small Biz Insights: Optimize Your Cash Flow
running-a-business | Read Time: 2 minutes
By Eric Springer | Published: July 2023
Cash flow is the top priority for small businesses, but it’s also the top reason that small businesses fail.
Why it matters: Having solid cash flow and access to capital directly impacts small businesses in practically every way, from managing assets and operations to financing and managing supply chains.
Small business owners can take initial steps to set their business up for success by focusing on:
- Liquidity & Solvency
- Cash Management & Payments
“Liquidity looks at the short-term capability of your small business to pay its liabilities, and solvency looks at the long term,” says Jeremy Shackleford, SVP and Director of Small Business Sales for WSFS Bank. “Both are key to your business’ success at any stage, and there are options available to address both in tandem.”
Adds Shackleford, “The day-to-day management of your cash flow and payments using efficient methods for accounts payable and accounts receivable is also key. Speak with your banker about available tools and account setups that can make managing your cash flow easier.”
Go Deeper: Learn more about managing your small business’ capital and cash flow.
About the Author – Eric Springer
Eric Springer is Vice President, Integrated Communications Manager at WSFS Bank. He brings nearly 20 years of experience in corporate communications and marketing for banking, professional services and nonprofit organizations.
WSFS Bank’s Phil Corradino and Ray Abbott recently joined American Community Journals for a NoonZoom webinar discussing how small businesses can manage and protect their money and assets using FDIC insurance options, how to proactively protect their businesses from fraud, and what to do if they become victims of fraudulent activity.Read More
For a small business owner or operator, cash flow will always be king. Without sufficient cash flow and capital, small businesses face an uphill climb to achieve long-term success, making optimization of existing cash flow and reserves a primary focus of operations, vendor management and sales strategies.Read More
Cash flow. It’s the top priority for most small businesses, and for good reason, because cash flow problems are the top reason small businesses fail, according to SCORE.org. Having solid cash flow and access to capital directly impacts small businesses in practically every way, from managing assets and operations to financing and managing supply chains.Read More
To celebrate Small Business Month, WSFS Bank teamed up with Bob Kelly and FOX 29 to spotlight small business Customers that are making strides to grow their businesses as economic engines in their communities!Read More