No matter how small or large, all family businesses need structure to manage their finances. It’s a discipline that requires careful attention to detail, but with the right help and resources, any family business can create cash management processes that maximize cash flow. Balancing inventory levels with demand, knowing how to work with accounts receivable and payable, and streamlining processes take practice, but, in the end, they can really pay off.
Read the following articles to learn more about how you can use cash management strategies to take your family business farther.
In a time where company pensions are becoming extinct and knowing that your 401(k) plan can’t be your only means to save, planning for retirement is much more critical for you than it was for your parents. Resolve today to make your financial wellness a priority.
If you are considering selling your family business in order to provide for your retirement income, work with financial and estate tax advisors in creating a strategy that meets your needs. Here are some important factors to take into consideration.
Charitable giving can assist a good cause, but when done right, it can also provide tax benefits for your family business. This article explains ways to do something good for charity and your business.
More than one million small businesses with 100 or fewer employees already offer workplace retirement savings plans – and offering retirement plans to your employees offers several advantages to your family business, not only to your employees.
Managing proper cash flow is essential to the survival of your business. This article explains the basics of good cash management.
Cash flow can be managed in a wide variety of ways. This article explains the various levels of cash management practices that need to be in place in your family business.