
By David Cumming
As a small business owner, you are playing a big role in driving our nation’s economy. According to the U.S. Small Business Administration, small businesses create two out of every three net new jobs in the private sector. Currently, there are over 30.7 million small businesses in the U.S., accounting for 47.3 percent of all U.S. employees.
If you’re like most entrepreneurs, you wear many hats, including overseeing the finances of your business. Each day, you face critical decisions that may have an enormous impact on the future success of your company. Questions about day-to-day cash flow, attracting and retaining talented employees and balancing finances at work and at home are just some of the challenges you must consider as you grow your business.
Every business is unique, but the five critical strategies for strengthening a business for long-term growth are the same.
1. Managing cash flow
Having an effective cash flow strategy can assist you in keeping your finger on the pulse of how quickly and effectively cash is moving in and out of your business, while also working to enhance the yield on your short-term assets. You’ll also need skills and resources to address a broad range of credit structures.
2. Protecting your assets
Unforeseen events can jeopardize the value of your business. What if something happens to you, or another person who is critical to the success of the business? Or what if you get sued?







