Source: Entrepreneur
The
co-founder of a creative agency called Narrative shares her best tips for
keeping tabs on money coming in and going out of her company.
It sounds simple, but making sure your company has more money
coming in than going out is one of the most important tasks of running and
growing a business. Sometimes, however, it’s easier said than done.
Take
it from Tricia Clarke-Stone who, along with hip-hop music mogul and
entrepreneur Russell Simmons, co-founded a creative agency called Narrative. As CEO, Clarke-Stone knew early on
that she wanted to diversify revenue streams while staying true to the brand’s
passion for storytelling, innovation and bringing new ideas to life.
Additionally,
Clarke-Stone has implemented systems that help keep tabs on the flow of money
and ensure that Narrative has the resources it needs to grow. Here are three of
her best tips for managing cashflow at any business.
1.
Diversify revenue streams.
First
and foremost, try not to rely on only one source of revenue to drive your
business forward. “If one well dries up you want to make sure you have
something else to take its place,” Clarke-Stone recommends.
2.
Discuss cashflow regularly.
Always
keep on top of where your money is coming from, how much is coming in and how
much is going out. “We have a forecast report that we’ve put together that
tracks accounts payable, accounts receivable, and then what we have pending in
terms of our projections,” she says.
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