Business Excellence Awards
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By Rhonda Miller
PBN Staff Writer
PROVIDENCE – Small businesses can improve cash flow with several proactive strategies, Citizens Bank is advising.
“Managing cash flow is one of the most important, yet under-appreciated, challenges faced by small businesses,” said Quincy Miller, head of business banking for RBS Citizens.
Strategies to improve cash flow include understanding the operating cycle to manage deposits, fund purchases, make investments in the company and receive payments.
Small businesses can also offer incentives or discounts to customers or vendors who pay more quickly, make remote deposits to save time, and review the payroll process and consider twice-monthly payroll instead of every other week, which will require managing 24 payroll periods instead of 26 over the course of the year.