Corporate Business Solutions Offer Advice to Mitigate Small Business Cash Flow Issues

Recent business research studies have shown that small businesses are facing serious cash flow issues.

Press Release (ePRNews.com) - CHICAGO - Jul 13, 2017 - With the rise of online shopping, traditional businesses are struggling to make online transactions safe and efficient. In this environment, consultants with Corporate Business Solutions are offering small businesses valuable advice on how to properly manage cash flow both online and offline.

Data Shows Serious Cash Flow Problems for Small Businesses

Last year, as much as 41 percent of small businesses faced cash flow problems, according to survey data recently published by WePay, an integrated online payments provider. Out of this group, a 59 percent majority has said the cash flow issues had “highly consequential or consequential” impact on business. Another 44 percent said the issues at least had “administrative impact.” About 16 percent of all surveyed said the companies were victims of payment fraud. This data illustrates one of the best-known problems facing small businesses in the modern market.

Though cash flow issues are faced by all businesses, small businesses experience more impact. This problem has many facets, according to Corporate Business Solutions. The increasing number of cyber crime incidents means that businesses are becoming targets of fraudulent transactions or theft. According to research, 8 percent of small businesses have experienced payment fraud 10 times or more in recent years. These types of issues affect small businesses regardless of the industry.

Possible Solutions

Cash flow issues for small businesses is a multifaceted problem. Finding a solution largely depends on isolating the problem, according to CBS consultants.

Avoiding Mismanagement

The main problem that leads to cash flow issues at small businesses is mismanagement. It’s not always deliberate. Lack of strong administrative practices or company policies to adequately manage money could lead to cash flow issues. CBS consultants, therefore, recommend small companies to consult with a professional to develop a proper financial management plan.

Adopting Safe Practices

To protect against financial fraud or deception online, companies should develop proper safeguards against cybercrime. This includes buying malware protection, installing updates, hiring a security professional to review practices, and implementing a strong password policy.

Taking Advantage of Technology

Companies should take advantage of new tech solutions to fix cash flow issues. Invest in software tools that allow for better monitoring of income and expenditures. Managers and owners can also use cheap apps that do everyday tasks like accounting. According to WePay data, small businesses that used software programs were 15 percent less likely to face cash flow issues.

Small businesses are strongly encouraged to perform routine business reviews, either in-house, or through an external management consultant. Such reviews would shed light on internal problems that could cause cash flow issues. If a professional performs the review, recommendations for fixing these problems will be provided.

About Corporate Business Solutions:

Corporate Business Solutions is a consultancy firm that provides effective business consultancy services to entrepreneurs, including company reviews and similar services. CBS services are intended mainly for small to medium-size businesses. CBS offers smaller ventures the benefit of obtaining services from highly experienced management consultants without a long-term contractual commitment.

Contact: Corporate Business Solutions, 800-531-7100

Source : Corporate Business Solutions

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CATEGORIES : Business
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