Startup businesses should fully understand that running out of money is one of the primary reasons that businesses fold shortly after launch. This can be avoided by being smart about how they spend their startup capital. Entrepreneur has outlined 10 steps on how to manage your startup’s money.
- Know when you will break even.
- Keep your eye on cash-flow management
- Always maintain a cash reserve.
- Hire an Accountant or CFO to help manage your funds better.
- Collect receivables immediately
- Offer discounts to collect payments earlier.
- Extend payables where you can.
- Spend only on essentials.
- Be smart about hiring.
- Make the best use of technology.
FlexiFundIT Payment Plan Software is designed to help you manage every step of your payment process with our easy-to-use solution that can drive your business forward. Contact us today to find out more about how our payment software can help your business:
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