For small business owners, managing cash can be the most difficult part of running a successful business especially in either the start-up phase or when taking on new projects.
These situations require large cash outlays and don't always lead to cash coming in the door in a reasonable time. Clients in Alberta have started pushing payments out to 60 or 90 days often because they themselves are getting paid on the same time frame. So somehow, small businesses and contractors need to be able to float through this period financially while also potentially starting new projects in preparation for the current one finishing.
So how does one get enough money to be completely self sufficient for 60-90 days with no cash coming in and most likely, a lot going out? Navion Accounting can help plan for these situations and create budgets that will aid with financing, or help to create a money in vs money out plan. Don't start a project blind, plan for financial success before you start!
