Contingency planning isn’t about living in fear. It’s about being smart. It’s about protecting what you’ve worked so hard to build—your people, your reputation, your financial stability—so that when the wind shifts, you can adjust your sails instead of capsizing.
As a business owner, you already carry the weight. You understand the stakes. But you don’t have to do it alone… Transparency enables you to amplify your leadership—to equip your team with the tools, trust, and perspective they need to support your growth.
Managing cash flow effectively is the lifeline of any business, especially for small business owners who often operate with tighter margins and less financial flexibility. Drawing from insights shared in a Vistage CEO Peer Group meeting discussion, here are fifteen best practices to help you master the art of cash flow management and ensure your business thrives.
Running a small business is as challenging as it is rewarding, especially when it comes to financial management. As a business advisor, I’ve observed many common errors that can jeopardize a small business’s success. Here’s a breakdown of 20 of these pitfalls and practical advice on how to steer clear of them.
In business, uncertainty is a given. But while we can’t always predict or control external factors, we can control how prepared we are to face them. A strong balance sheet isn’t just a financial statement; it’s a strategic tool, a safety net, and sometimes, your best guide for decision-making.
Enhancing the financial literacy of your leadership team can yield substantial benefits for your small business, including enhanced decision-making, improved financial performance, and greater strategic alignment. Here are 20 ways to increase the financial acumen of your organization:
Business cycles are cyclical. Recessions are a fact of economic cycles. Knowing this, business leaders need to be cautious about not withdrawing too much cash from the business or incurring excessive debt. The basic economics of your business needs to work.
When you are in a survival mode, the goal is to keep the doors open and resize your organization to match its current and forecasted volume. We tend to be very conservative with volume forecasts due to the perceived minimal margin for error. However, if you prune a tree excessively, it may die. It also requires proper fertilization and amenable conditions conducive to growth. The same result(s) invariably happens to companies.
Hope is never a good strategy when it comes to your business or personal finances. Understanding the core math that impacts your decisions and actions is a prerequisite for a successful life.
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