You are running a service-based business because you love people! We doubt you opened your boutique so you could worry about invoicing. And we know you didn’t open a bar so you could stress over projected income spreadsheets.
And you are not alone. A study from U.S. Bank said that 82% of businesses fail because of cash flow problems. In fact, this article goes into more staggering percentages about why small businesses fail.
Running day-to-day operations and focusing solely on cash flow activity seems to always come secondary to serving the customer because it’s the people you love, not the numbers. But you can’t forget about budgeting, expenses, forecasting and making sure you are profitable.
Here are 3 cash flow apps we found that will hopefully save you some much needed time and energy. And FYI, these just came up in our research. There are many apps out there with the same features, so do your due diligence and find one that fits your specific needs and budget.
Apps can be a great first step in cash flow management, especially as a growing business. They are affordable and user-friendly. As you hire more employees, open new locations or enter into a different business model, an app might not be enough. There are various options to consider at that point, such as hiring an advisor or an entire firm.