SME expert and Forbes contributor Elaine Polfeldt provides tips and tools to help SMEs beat the odds of financial downfall within the first and fifth year of business. Polfedt, says making a financial plan in advance to prevent unfavorable results is key. She mentions utilizing financial software tools such as, Quickbooks, PayPie and Xero (a SME Finance Forum member) to help with examining finances.
Take a look below for helpful tips:
- Plan and utilize analytical tools to produce cash flow forecast
- Analyze cash flow to make wise investments
- A healthy cash flow will make it easier to negotiate better payment terms
- Blockchain will be beneficial for SMEs to rapidly access funding ahead of an expected shortcoming