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The key to maintaining and managing a successful business has a lot to do with money management. Here are some tips that will assist small businesses to manage their money.

Start budgeting – Budgeting is a way to fix problems that may arise from cash management. Start by tracking your expenditures, revenues, and your savings. Budgeting will also give you a clear picture of the future and how you can invest in other areas of your business.

Save – Saving money for your business’s emergency fund is a great way to keep your business afloat when you have unexpected expenses, or your sales are low. Another good way to save more is to buy second-hand items, for example, consider buying second-hand furniture, equipment, and vehicles.

Hire a CFO – A CFO will be able to manage your money and have the professional experience to help manage your finances. Avoid the fancy title and hire a good accountant that has some experience in business operations which are similar to your own.

Create strategies to increase your cash flow–To increase your cash flow, you can give your customers discounts and points for paying early. Another way to increase your cash flow is to add more services to your product listing, which will broaden your appeal to customers within your industry. When business is slow, provide a credit line, so that more customers will choose you over your competitors.