Archive for the ‘Cash Flow Management’ Category

It’s not unusual for a small or medium sized business to go through a cash flow crisis at some time or another over their life of operation.  In fact, for many businesses, survival of the bad times when cash is thin can even be considered a right of passage towards greater loan term success.

Why?

Because going through a very tough period when its hard to make ends meet can be mentally and emotionally draining, leaving a permanent imprint in your brain that 1) you never want to go through that again, 2) you have a much better understanding of how to manage cash flow due to the intensive focus that was required, and 3) you will not likely take Cash Flow Management for granted any time soon.

The biggest challenge of dealing with a shortage of cash where there is less money coming in versus the demands for payment is being realistic with yourself as to what you’re working towards.

A cash flow crisis has to become an internal bridge financing scenario or you’re just putting off the enviable which is business failure.

If you aren’t trying to survive to get to a certain point where events will occur that will correct the problem, you may very well just be destroying your equity and throwing good money after bad.

So no matter how well you count the beans or negotiate with creditors, you can’t play musical chairs for a prolonged period of time with the people you owe money to.  There has to be a defined turnaround point that you’re working towards otherwise how do you make cash flow trade offs or negotiate extended repayment terms.

Lack of a turnaround point somewhere on the near horizon will destroy your credit and credibility, both which are very hard to get back.

The key to managing through a cash flow is project far enough a head to a point where inflows are going to be able to meet or exceed outflows on an ongoing basis and work back from that point to figure out how you’re going to manage through with the funds available and any incremental funds you may be able to acquire.

By doing this, you now have a plan you can sell to your creditors.  If you manage the heck out of weekly cash flow during the crisis, there is a good chance you can get to the otherside.

Just make sure you know where the other side versus staying alive long enough while hoping for something positive to happen.

Click Here To Speak With Business Financing Specialist Brent Finlay

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Regardless of the type of business or business size, cash flow is going to be the life blood of the business.  So it stands to reason that cash flow management practices are going to also be important with respect to optimizing present and future business profits.

Its also safe to say that most businesses have room for improvement when it comes to managing cash flow as it tends to be looked at as a secondary activity to running the day to day business in many cases.

For a business that is highly profitable, cash flow improvements are focused on the money left on the table that could be used to increase profits.  For struggling businesses, better cash flow management can been the difference between survival and business financial failure.  And for the more middle of the road business scenario, having timely access to cash can have a profound impact on a company’s ability to take advantage of new opportunities when they are presented.

There are three basic elements to the Cash Flow Management process.

First, there is the actual forecasting and tracking of all cash inflows and outflows that are expected or known to the business.

Second, there is having in place any debt or equity capital in place that is required to allow the business to operate in a solvent state.

Third, the profits generated by the business which result in an increase in cash require a strategy to optimize the return on this highly liquid asset.

Of the three elements, forecasting and tracking tends to be the one that requires the most attention and improvement.

Here are some best practices to consider for any going concern business.

• When developing a forecast, the time period needs to be relevant to all the various payment requirements the business has.  Because expenditures can be staggered all through the month, forecasting should be done on a weekly basis, not a monthly basis.  In some extreme cases where there is a high volume of daily transactions, it may need to be projected out by day of the week.
• The tighter the cash flow, the more it becomes necessary to  include everything in a cash flow forecast above what value you consider to be material.  For instance, materiality may be set at $500.
• Cash flow should be projected out at least 6 months and then maintained at that point over time.  For greater accuracy, cash forecasting can be done over a longer period of time by month, say at least one year, and then broken down into weekly increments for the next two months to provider a longer term view of expected future events.
• The ending weekly projected net cash flow balance can never be negative.  The whole point of the exercise is to develop a cash flow plan where inflows plus the opening balance cover outflows.
• The tighter the cash flow, the more attention it will require.  Regardless of the stress on cash in a business, cash flow projections should be updated at least once a week.
• Conservatism should be utilized to show outflows taking place when required, inflows being delayed, and a cash flow buffer or reserve in place for unplanned activities requiring cash or cash forecasting errors.
• The master cash flow should be prepared and monitored by one person to maintain its integrity and accuracy.  This person must be involved in decisions related to cash so that all trade offs can be properly considered by the decision maker.

Click Here To Speak Directly To Business Finance Specialist Brent Finlay

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As I’ve previously written that while the out look reports for the current recession are improving, the after effects are only starting to surface in many cases.

A recession impacts the money supply and the flow of cash through the economy.

When one area of the economy becomes cash flow constrained, the impact will slowly ripple through the rest of the economy through the related connection points.

On more of a micro level, this has the potential to impact businesses of all sizes from several different directions.

First, the business could have its commercial credit reduced by its lender or pulled completely if the lender goes out of business, which they are in record numbers.

Second, the business may not be able to access new credit for upgrades or growth, impacting its ability to perform.

Third, sales may be down to the point that fixed costs are not being covered off and cash flow injections are required.

Fourth, customers may become slow to pay or default payment.

Fifth, vendors may cut back on credit or reduce their own product line of goods the business requires.

All these and other scenarios can create negative impacts to the cash flow.

The most damaging aspect to these ripple effects is that you may not see them coming until its too late to do anything about it, or at the very least, leave you scrambling to address the problem.  When you’re hit with multiple issues from different directions, the impact can be exponential in nature.

This is where proactive Cash Flow Management has become critical in the current business environment.

As a business owner, the goal is to reduce risk where ever possible to assure the long term profitable survival of the business.  Proactive cash flow management has now gone beyond accurate forward projections on inflows and outflows and now must include greater diligence into what could potentially happen to the business and how to mitigate the potential unforeseen risks.

And cash flow protection is likely going to cost additional money, but the alternative of not being proactive can cost substantially more.

Examples of more proactive measures could include:

• Accounts receivable financing for larger customer accounts.
• Credit reviews of existing customer accounts and a review of credit granting policies to new customers.
• Applications for credit with additional vendors.
• Development of an additional vendor list even if credit is not available.
• Internal operating cost reduction strategies.
• Inventory reductions.

Most business owners are too busy with their businesses to believe they need or have time for any of these activities.  The assumption is that if they get in some sort of cash flow bind, they can borrow their way out of it.

The reality is that Business Financing for distressed cash flow is a hard ticket to come by these days and some of the forms it comes in if you can find it are very pricey.

The recession is far from over.  Financial markets are basically in disarray and have become completely unpredictable.

Whether you get hit by the storm or not isn’t the issue.

Whether you can survive a hit or multiple hits is.

Click Here To Speak With Business Financing Specialist Brent Finlay

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If you’ve been in business for any length of time, I’m sure you’ve heard the expression, “I can only get financing if I don’t need it”.  You may have even said it yourself.

This is usually uttered out of frustration when business owners and managers are trying to get financing for cash flow deficiencies or debt consolidation actions to improve their cash flow funding.

And yes, at the time of financing is when the money is needed most, yet it can be so elusive to obtain, or if you can obtain it, the related cost is in the stratosphere.

Unless this cash flow crunch is fueled by an abundance of extra work or orders that came out of left field, then this is definitely the wrong time to apply for financing.

Why?

Several reasons.

First, you’re presenting your business to lenders or investors at a point of weakness.  You need to be marketing a business opportunity where they can make money.  It can’t look like you’re asking them for a favor that would put them into an uncomfortable position.

Second, if the debt didn’t accumulate over night, what were all the company’s financing decisions that led up to this point, and why were they made prior to looking for more financing?  If recent history shows more of an I will take anything I can get financing strategy that includes several sets of arrears payments that are months behind, then there is nothing to inspire lender confidence.

When you get into these types of situations, additional capital is going to be very hard to come by and the key to survival will lie in the ability to simplify the business, work with existing creditors, and manage within the cash flow you have to work with already.  If additional capital must be acquired to make anything work, then you may have to take on higher priced debt that will further erode your equity.  Just make sure there is a cash flow plan that can work with any new debt additions, or its not likely going to be worth signing up for.

Seeking Business Financing is about working from a position of strength, or relative strength.  It also means looking ahead to see what the near future is going to be like and being realistic with yourself about how things may unfold with respect to your cash flow.

Even if you are only suspicious of more challenging times being ahead, then start at that point to build your financing contingency plan by either accessing more debt or equity capital, or start cost cutting to build a cash reverse out of your monthly cash flow.

From a lender’s point of view, especially lower cost lenders, when you need more money for cash flow is a future event that has been planned for versus an unplanned event that has been ignored or avoided leading up to the current cash flow problems.

The harsh reality is that lower cost financing is for lower risk situations.  If you’re already in the soup to some degree with your cash flow, the business risk is higher and as a result the interest for helping you will be less and also more ruthless because the lender or investor is in a much stronger position to dictate terms.

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Funding Cash Flow and Other Business Financing Topics of Interest.

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As we continue through the current recessionary impacts still being experienced in 2010, there are going to be periods of time where a cash flow crunch will impact many businesses regardless of size.

So when there is less cash to go around and choices are going to have to be made as to who gets paid and who doesn’t, here are some things to consider.

First, build out a cash flow plan that identifies the available amount of money you are likely going to have to work with once you allow for all essential expenses including your payroll.

Next, proactively talk to your trade creditors and outline to them your plan to get them paid.  They may not like what you have to say, but they’re going to be more likely to work with you if you ask versus just surprising them by not paying without an proactive explanation.

Third, think twice about getting behind with your government remittances, especially payroll deductions.  Government agencies have the right to seize your bank account and contact your customers for repayment of accounts receivables.

While it may seem like the obvious choice to short pay government agencies, be careful with this tactic because of the power to collect these agencies have.

Fourth, update your cash flow projections on a regular (at least weekly basis) and make adjustments to your plan as required.  Nothing ever goes according to plan, especially when it depends on the actions of others, so continually develop a new base line to work from, make adjustments to your plan, and communicate any changes as required to parties you owe money to.

Fifth, if you need to dip into personal credit cards, at least make the minimum payments to minimize the damage to your credit rating.  High credit utilization will bring down your credit, but it will quickly bounce back once your balances are paid down.  Late payments of greater than 30 days on the other hand, can have a devastating impact on your credit that can last for years.  If you eventually need to refinance, keeping your credit in tact will become important to avoid the lowest forms of credit.

Most payment trade offs are judgment calls that are better made and managed when you develop intimate knowledge of your cash flow and maintain close communication with your creditors.

Here’s where you can go to get more information on business financing.

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If You Have Good Credit, There Are Several Ways Equipment Leasing Can Save Cash

As 2009 draws to a close, Cash Flow Management is still a high priority for most small businesses these days due to the ongoing impact  of the current recessionary forces.

In order to preserve cash and get more purchasing power, here are some small business cash flow management tips to consider if you’re not already doing them.

Equipment Leasing.  Now a days you can get equipment leases for just about anything over $1,000 in value.  If you have good credit, you can secure some pretty attractive leasing rates and if you’re buying something that offers a manufacturer sponsored program, the financing costs can be extremely low.

You still have to crunch the numbers to see what comparable products are worth from other suppliers as its a common strategy to give you a great financing package and then jack up the price to offset what the seller is subsidizing on the equipment financing side.  But in a recession, where sales are down, you may be surprised at the opportunities that exist for both a great purchase price and a great financing package.  In some cases, it may even be cheaper than just paying in cash.

Ultimately, there is going to be a net cost for financing, likely, but if you’re taxable, there is a tax deduction to be had and when the interest rates at all time lows like they are right now, a small cost of financing that allows you to maximize your available cash is definitely something to consider.

Equipment leases offer other cash advantages as well, especially for businesses with good to great credit.   In most cases, you will be able to buy assets for no money down except for one or two lease payments paid in advance.  This high degree of leverage again conserves on valuable cash flow.

I’m not going to get into the operating versus capital lease discussion other than to say that an operating lease needs to provide some significant benefit to you because it will cost more per dollar financed than a capital lease.  With a capital lease, you basically agree to purchase the asset at the end of the lease from the lease company and you agree to do this at the time the lease is entered into.  Capital leases tend to provide you with the lowest cost financing options as there is no back end risk to the leasing company.

Additionally, regardless of your credit rating, equipment leasing defers the related sales tax associated with the purchase meaning that you only pay sales taxes on your lease payments when they come due versus having to pay 100% of the sales taxes at the time the asset was purchased in a cash transaction.

And if you get the chance to get a great deal by making a cash purchase, get the deal done, then go to an equipment leasing company, sell them the asset and take back a lease (sale and lease back).

Equipment financing companies will allow you to do this up to 6 months after purchase and they will even consider private sale transactions.

This way, if you have the available cash, you can negotiate hard and get the best deal without having to try and arrange financing at the same time.  If you’re concerned about being able to qualify for credit after the fact, you can go and get pre-qualified for an equipment lease for the amount of money you’re looking to spend and the type of asset you want to acquire.

Equipment leasing can be a very effective cash flow saving strategy.  To get the best use of this tool, make sure that you always crunch the numbers to  determine the best approach to maximize both the cash flow savings and purchasing discounts.

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Cash Flow Gap Management Can Be The Key To Growth And Stability

For this discussion, I define cash flow gap as the difference between the timing of cash inflows and outflows.  For instance, if your supplier terms are 30 days and your customer terms are 60 days, you will have a cash flow gap to fill with some form of working capital financing.

Even if the terms are equal, there could still be gaps or delays between the time an expense incurred needs to be paid and when the revenues related to the incurred expense get collected.

Some operations are fortunate in that they don’t have a cash flow gap at all.  However, in most business cases, there is a need to finance gaps between inflows and outflows on a regular or semi regular basis.

The working capital financing can come in the form of cash from the business itself, an operating loan that is connected to the business bank account and goes up and down as required, shareholder loans, term loans, factoring of accounts receivable, inventory financing, and so on.

For profitable operations, the financing of a cash flow gap is temporary in nature and is effectively bridge financing where the beginning and the end of a cash flow gap is clearly defined.

For operations that are currently unprofitable, the cash flow gap actually creates a longer term liability as the loss position must be covered off from financing for as long as its required for the business to get back into a profitable position and repay the debt.

The keys to managing the cash flow gap are as follows:

• Work to match up the days outstanding for trade payables with the days outstanding for accounts receivable.  Gaining a few days through closer management will reduce the cash flow gap.
• If you work on projects, try to match the project costs with the related expenses when negotiating terms and making payments.  If a supplier is aware of the project they are supplying for,  make sure they understand that they will get paid when you get paid.  Suppliers are more likely to work with you on payment delays if they know you are matching the revenues you receive to the project.  In order to make this an effective strategy, make sure you are only working with credit worthy customers that the supplier will be comfortable with.
• Assess the benefit of payment discounts versus available working capital.  Taking advantage of an early payment discount from a supplier will actually increase your cash flow gap, but this may be worth doing if you have the working capital available and the cost of the working capital is less than the discount you will receive for paying early.
• Forecast out your cash flow for at least 6 months.  If you’re in a growth mode or in a seasonal business where sales spike, make sure you understand when cash flow gaps will occur, how much capital they will require, and how long they will last.  If you’re going to require more capital than you now have available, you’re going to need some time to Secure Capital prior to the period of need.
• Focus on higher margin products and services to offer.  If the cash flow gap is increasing, it may be negatively being impacted by growth in lower margin products and services, or a change in your mix that has lowered your overall margins.  Again, good forecasting and periodic sales review should help identify the size, timing, and duration of cash flow gaps as well as their causes allowing you to take proactive measures to avoid the business being negatively impacted.

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When Managing Cash Flow Shortfalls And Gaps, Consider These Watch Outs

When a small business cash flow gets tight, there are going to be tough choices to make regarding who gets paid and who’s payments are going to get delayed.

If you have employees, then its going to be important to allocate available funds to payroll to keep them coming to work.  If you require services and materials from suppliers, then timely payments are likely required to keep the lights on and production running.

So where do you cut back on outflows?  Who do you decide not to pay?  One of the most common choices made for delaying payments is government remittances.

Payroll deductions, income taxes, sales taxes, etc.

For many small business managers and owners, this seems like a logical choice…i.e. the government has lots of money, no one is in your face right away for payment, the money due is not critical to your ability to operate, and so on.

And in many cases, arrears with government related accounts can build for months before you start getting more serious sounding requests for payment.

While the government may be somewhat slow in reacting to your missed payments, their ability and powers to collect what you owe (depends on country and jurisdiction) can be far reaching.

How far reaching?

They can freeze the business bank account.

They can seize the cash in your account.

They can contact customers that owe you money and direct them to make payment to them.

And, if you owe funds for payroll source deductions, they can come after you personally regardless if the company in incorporated if you are a director of the company.  Director liability can include payroll related expenses.

To be clear, I’m not a lawyer and all of the above may or many not apply to the jurisdiction that your business falls under.

But, regardless of where you reside, government collection activities can be scary.  An once they have a bead on you, your cash flow planning will need to take on new priorities.

If you are in this situation, or close to it, you may be able to negotiate repayment terms for the arrears over a period of future months provided that you can clearly display a workable plan.

The overall point here is to be careful with delays in paying government remittances of any type, but especially payroll deductions.  If you get to the point where you’re bank account gets frozen, it could be difficult to impossible to resolve the government back taxes and still continue to operate

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Cash Flow Management Actions To Consider

When news breaks about a recession coming or present, perception becomes reality as consumers and business owners start to change their spending habits and prepare for what may lie ahead. In effect, the recession becomes a more prolonged reality because we make it one through our actions.

The primary action by consumers taken is lowering on expenditures, especially on non essential purchases or on larger items that can be put off for awhile.

Ok, so this is nothing earth shattering.

But as a business owner or manager, how do you choose to react to what is unfolding? Its hard to know how the collective recessionary impacts will ripple through an industry or sector with respect to timely and collective magnitude. So how do you decide what actions to take and what to prepare for?

Unless, you have little or no debt and have some sort of cash reserve at your disposal, I suggest considering some or all of the following.

Quoting Intel’s Andrew Grove, “Only the paranoid survive”. And from one of my former type AAA colleges, “in life, you can be homicidal or suicidal, I choose the former.” Point here is that its better to prepare for the coming storm, expect it will reach you directly, and take all necessary measures available to you to survive the impact.

This may seem a bit dark and paranoid (and it is). And there is a chance that a recession does not have a material impact on your business. But what if it does? Will you have time to react effectively?

The goal is to protect the life blood of your business …cash flow. Here are some actions to consider.

Being homicidal with respect to cash flow entails a number of things. First, the working assumption during recession is that sales, on average, will go down…that less money will be spent. So, in order to protect cash flow, you would protect inflows by offering sales and discounts on a regular basis and typically ahead of seasonal offers so that you get the cash first. Yes, you will make less margin, but you’re keeping cash coming in to pay the bills.

Second, on the outflow side, you should consider reducing inventories. The focus is on making sales early, not trying to maximize on sales late in a sales cycle or seasonal period.

Third, reduce fixed costs through layoffs and delay of major purchases. If you have to cut back on marketing, do so on the branding side, not on the direct response side that’s going to bring in sales. There is going to be strong competition for less spending dollars, so make sure you offers are well communicated to get your share.

Fourth, start to extend your terms of payment as much as possible. From a cash flow management process, always allocate resources to cover labor and fixed costs and manage any cash flow gaps with suppliers as much as possible. Cash Flow Management can be very stressful with many sides looking for money, but you must always plan out how to make payroll or you’re out of business. Many times, when cash comes in from accounts, its quickly paid out to bring things up to date with suppliers without enough being held back to assure payroll gets made in the coming weeks. As recessionary impacts ripple through supply chains, its typically the businesses that understand their cash flow leverage points and plan out contingencies that get through the period with less cash flow problems.

Fifth, bring your financing profile up to date, and develop a solid understanding of how you can obtain money if there is a shortfall. Business Financing can take some time to secure and will be harder to locate during a recession so being prepared can be half the battle. Refinancing term loans and mortgages before problems exist can provide cash flow relief on a money basis that will cost you some additional interest over time, but basically serves as insurance against potential future cash flow problems.

Sixth, proactively determine what, if any, personal funds you are prepared to lend to the business. Use personal funds only as short term bridge loans that can come in and out in predictable fashion. If the business goes south, you want to have your personal resources available to you for future living expenses.

These are some basic steps you can take with your cash flow during times of recession. This is not an exhaustive list by any means, but more so a list to get you thinking about how to make sure your business gets to see better days after the recessionary period ends.

Technorati Tags: Business Financing, Cash Flow Management, cashflow

Here’s Some Tips To Protect Your Cash Flow During A Recession

As 2009 starts to draw to a close, the recession has not yet loosened its grip on small and medium sized businesses. And regardless of what the newspapers say, the recession is still very real and dangerous to your cash flow and will likely be for quite a while.

With that in mind, here are a few things to keep in mind when managing cash flow during a recessionary period.

1. Remember that you’re on your own. Whether your cash flow is in trouble or not, assume that you will get no help from your banker if the need arises. I’m not saying they can’t help you, but don’t assume that they will and make sure you’re prepared for them to potentially say no.

2. All the credit you have accumulated up to now that has proven to be more than enough for your business needs is not enough. I’m not going to say, go crazy and apply for credit all over the place. I’m more referring to 1) applying for credit with suppliers you don’t already deal with and 2) asking your existing suppliers for higher limits with the potential promise that you will do more business with them. In a recession, credit will dry up fast in the most unexpected places, so make sure you have good sources of credit to draw from.

3. You are your own bridge. Sometimes cash flow crunches in recessionary periods end up being short term gaps that result from delayed payments to you from customers, or a credit squeeze by a certain supplier that impacts you short term until you can source else where. In any event, if these clear short term cash flow gaps appear on the horizon, you personally are likely the best source of bridge financing. Why? Because the time period for the bridge is short (less than 6 months I’d say), so its not worth the time and energy to hunt down Business Financing at a time when its going to be difficult to secure anyway. Second, the less any one else has to know about your cash flow, the better. Having to go to your bank to explain a short term cash flow gap that you need their help with may just be opening up a can of worms. They may decide to help you, or they may decide to take a closer look at your business and perhaps decide that they’re already giving you too much credit and want some back, or who knows what else. Banks can be “fickle partners” in a recessionary time and its usually best to just keep everything low key with them until the economy gets back to normal.

But in order to be your own bridge, you need to have the cash available to inject into your company. So, either proactively get a personal line of credit against your house, or wait until you see a glimpse of cash flow trouble and then apply. If you already have some personal sources in place, great. Just make sure that the credit is available to you in the event that you need to use it for a bridge.

Personal real estate financing is the simplest, cheapest, fastest form of financing available to you, which by the way will still take at least 2 weeks to fund AFTER you have an approval, so fast is a relative word.

If you have good credit, even in a recessionary period, you should be able to get a prime to prime plus one line of credit up to 75% of the value of your home. And remember, the plan is to never use it, but if you need it, you have it to draw from.

A final point to mention here is make sure this is a short term bridge situation before throwing your own money in. If there’s no clear end to the other side or no bottom to the hole in the cash flow, I would strongly recommend keeping your personal funds out of it.

Remember that a bridge has clear well defined sides to it otherwise its not a bridging situation and needs to be looked at differently.

4. All Cash Is King. If you don’t already, offer your customers cash discounts for early payments if you extend credit to your customers. In a retail setting, offer discounts and sales more often to generate more cash flow and potentially give you an opportunity to reduce inventories. Yes, this will cut into your margins, but consciously taking actions to generate more cash flow may become critical down the road.

5. Match up Inflows with outflows. If you operate a business, like construction, where revenues and expenses are matched to individual projects, try to match your vendor payments related to a project to the inflows you receive. This may delay vendor payments which they won’t like, but if they know their materials were consumed by a particular project and you haven’t got paid yet, then they are typically more inclined to work with you, as long as you regularly communicate to them and as long as progress keeps being made on their account.

By taking this approach you will not be eating up available cash to pay vendors before you get paid (If you can do this at least some of the time, it can be a big help to your cash flow). If a delay takes longer than you had forecasted, then you may now have problems making the weekly or bi-weekly payroll.

Just remember that cash flow problems are out there waiting to happen. You can’t predict when they may impact you, but you can be prepared to deal with them if and when they occur.

Cash flow contingency planning can make the difference as to whether you come through a recessionary period unscathed or not.

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