{"id":15522,"date":"2022-06-21T18:00:03","date_gmt":"2022-06-21T18:00:03","guid":{"rendered":"https:\/\/www.markperlbergcpa.com\/alleviating-cash-flow-management-pains-for-atlanta-businesses\/"},"modified":"2022-06-21T18:00:03","modified_gmt":"2022-06-21T18:00:03","slug":"alleviating-cash-flow-management-pains-for-atlanta-businesses","status":"publish","type":"post","link":"https:\/\/prosperlcpa.com\/blog\/2022\/06\/alleviating-cash-flow-management-pains-for-atlanta-businesses\/","title":{"rendered":"Alleviating Cash Flow Management Pains for Atlanta Businesses"},"content":{"rendered":"
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Because we\u2019re talking cash flow management today\u2026 with a recession looming on the horizon and the effects of inflation being felt so hard in everyday life, it\u2019s difficult not to freak out over what lies ahead for your Atlanta small business. <\/p>\n

But, some<\/span><\/a> think a recession might not be all that bad for small businesses\u2026 even helpful. While that remains to be seen, one thing I can say is, don\u2019t panic. There is a way forward \u2013 when you have a plan and good advice along the way.<\/p>\n

If you\u2019re not able to see the path forward through the muck of it all, or you just need a little more support and guidance \u2014 I suggest grabbing a time with me and my team. That\u2019s what we\u2019re here for.
calendly.com\/mark-perlberg-cpa<\/a><\/strong> <\/p>\n

Now, one thing that you want to pay extra close attention to when lows strike is what\u2019s happening within your cash flow. Knowing where it\u2019s at, plus figuring out how to make it last, especially if you\u2019re in a seasonal business (we understand that kind of reality), well, this sometimes takes some specially-devoted effort and planning.<\/p>\n

Many business owners avoid this and prefer to \u201cwing it\u201d \u2026 and occasionally to disastrous results.<\/p>\n

So that\u2019s what I want to jump into today\u2026 <\/p>\n

Alleviating Cash Flow Management Pains for Atlanta Businesses<\/strong><\/span>
\u201cStandards are always out of date. That\u2019s what makes them standards.\u201d – Alan Bennett<\/i><\/span><\/p>\n

You love your business and you love when cash flow management goes smoothly. Who doesn\u2019t? But if your company is seasonable, a steady income can be hard to come by. <\/span><\/p>\n

Boy, we hear you. We\u2019re accountants, and the weeks after Tax Day can be slow. I remember feeling horrible that my family suffered so much because my industry happened to trail off for a while after people finished filing their taxes. <\/span><\/p>\n

As a Atlanta business owner, financial lows usually hit you the most. You probably dig into your profit and take-home pay to make sure your employees and operations don\u2019t hurt (especially these days). That\u2019s only natural \u2013 and responsible of you. <\/span><\/p>\n

But you can fight the unpredictability of seasonal cash flow, smoothing out those highs and lows. We can help you ease the pain. Here’s how.  <\/strong><\/span><\/p>\n

Your initial questions<\/strong><\/span><\/p>\n

Cash flow management is all about details. You know more about tackling this problem than you think. You\u2019ve got three good tools right off: your company\u2019s records, your experience in your industry, and your common sense. <\/span><\/p>\n

Even if you don\u2019t have an official profit-and-loss statement, you probably have a trove of recorded info about your business. Look at your past few seasonable ups and downs. Any stand out? What happened in those periods? That could give you a good idea of what to repeat \u2013 or avoid. <\/span><\/p>\n

What are the cycles of your company and industry? What factors like weather or the local economy impact your business? What can you predict is coming down the pike? This can give you a better idea of how much to budget and how far out to plan. <\/span><\/p>\n

Are your income sources sustainable? During your busy season, make sure you get paid as fast as possible: Send double-checked invoices to clients as soon as you\u2019ve completed the work, don\u2019t be shy about reminders, and give them a clear deadline for payment \u2013 smoothing year-round cash flow is one thing, but you don\u2019t want customers\u2019 unpaid bills spilling into your off-season. <\/span><\/p>\n

Look at your expenses, too. Are your biggest ones justified? Are there ways to reduce them? Regarding biz real estate, some landlords might be open to you paying more rent in the busy season and less in the slow times. If you own your business property, can you rent it out during the off-season? <\/span><\/p>\n

Year-round strategies<\/strong><\/span><\/p>\n

We all know about saving for a rainy day. Your off-season isn\u2019t rainy, exactly, but it\u2019s close enough. Set aside a percentage of your high-season profits for the downtimes \u2013 and be disciplined about it. (We\u2019d be happy to talk you through more details of this idea.) <\/span><\/p>\n

Try off-season work that dovetails with your primary business. Accountants offer financial advising, for example, during those months when people aren\u2019t filing tax returns. Let\u2019s say you\u2019re a landscaper or a pool maintenance company working hard in the warm months. Consider snow removal or a similar winter business to bring in a little cash and keep your name in front of customers. <\/span><\/p>\n

While we\u2019re on the subject, smart and constant marketing is the best way to keep the pipeline flowing. Do your competitors hibernate off-season? Then market when they don\u2019t. Work up a list of your anchor clients and pitch them with deals for early registration for your high-season services. Offer them this year\u2019s price on a few items if they register early for next year \u2013 in the middle of our terrible inflation, they\u2019re sure to notice that<\/i>. Upsell them on other items if you have to, and constantly ask for referrals.<\/span><\/p>\n

In accounting, we use social media and e-newsletters off-season a lot. Give us a buzz and we can talk about this strategy. <\/strong><\/span><\/p>\n

Prep work<\/strong><\/span><\/p>\n

A lot of businesses would love to have a slow time to work carefully on improving their operation and bottom line. This breather has landed in your lap. Go over those budgeting items we mentioned, then go over them again. <\/span><\/p>\n

Take time to study your business and the money that makes it go. What procedures have you always wanted to improve? Satisfied that you take all the payment methods you need (these evolve all the time, you know \u2026)? <\/span><\/p>\n

One huge part of prepping for your busy season is finding the right workers (some accounting firms start looking for tax-time help the fallbefore<\/i>). You\u2019ve got time to look for the right people \u2013 again, don\u2019t forget referrals \u2013 and to fine-tune or expand your training. <\/span><\/p>\n

If you\u2019ve got a solid bank of temporary staffers from the previous season, think about honing them. Who deserves a promotion or raise? Whose hours would you be better off cutting? Who shouldn\u2019t come back at all? <\/strong><\/span><\/p>\n

Don\u2019t think of your off-season as just a source of pain for your cash flow management. Make that time work as hard as you do. <\/span><\/p>\n

 <\/p>\n

If you want help to keep the cash flow from drying up, that\u2019s something I\u2019m more than happy to sit down with you to discuss:<\/span><\/p>\n

calendly.com\/mark-perlberg-cpa<\/a><\/strong><\/span><\/p>\n

Or if you just need a little support while things look like they\u2019re going bust. We\u2019re here for you.<\/p>\n

On your team,<\/p>\n

Mark Perlberg<\/strong>
<\/strong>
Mark Perlberg CPA PLLC<\/strong><\/p>\n

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