YourDependableVA's Blog

Survive and Thrive: How to Solve any Cash Crisis

Posted on: August 11, 2009

Surviving in a recession can be taxing. This blog is intended to help you thrive, even in this economic state.

Make a list of financial problem areas in your business

Nuff said.. Putting your problems on paper helps to de-clutter the information from your brain. This will make you a more efficient business owner.

Organize your financial papers in one place

Choose a good filing cabinet with good functionality is always best. The following categories will help you to make organizing a simple and time-efficient task: Paycheck stubs, Employee benefit statements and, Retirement statements, Credit card statements, Debt documentation, Investment information, and charitable donation receipts.

Set priorities for payables and collections

I would suggest having a weekly half-hour session with your accounts manager.  Assign levels for your priorities with top levels including fixed expenses, monthly vendors, delivery, postage, etc.

Set tasks for tomorrow, the night before

This may take up to 15 minutes, but could save you more time (and heartache) if you do this from the night before. Why the night before? In the evening, you are still thinking about the tasks that you have yet to complete. You are also thinking about the priority in which to give this task.

Set a time for cash management

Dedicate a time for which you can review all of you accounts. You can do the following to assist you in your process. Online banking is one of the best tools in cash management. Monitor your accounts at least weekly, view and verify all transactions, make transfers between accounts (if possible), and request stop payments.

Identifying any financial problems earlier on will benefit you and your business greatly. 

Stay tuned to the next blog, I will talk with you about collecting accounts receivable.

About the Author: Priscilla Walker is the president and CEO of Your Dependable VA, Inc. (YDVA, Inc.), a business support & cost effective solutions company. We provide high premium business support and cost effective solutions for small businesses. We focus on administrative assistance, social media marketing, and business development. For more information, please contact us at YourDependableVA@gmail.com.

“Have a More Productive Day with Your Dependable VA!”™

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