How can you manage cash flow during growth for small practices?
Growing your small practice can be an exciting and rewarding journey, but it also comes with some challenges, especially when it comes to managing your cash flow. Cash flow is the amount of money that flows in and out of your business, and it can affect your ability to pay your bills, invest in new equipment, hire more staff, and expand your services. Here are some tips on how to manage your cash flow during growth for small practices.
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Track your cash flow consistently:Regularly monitor your cash inflow and outflow using software or professional services. This helps you spot trends, plan ahead, and make informed financial decisions.### *Increase income streams:Look for new revenue opportunities like offering additional services or adjusting pricing. This can boost your cash flow and support sustainable growth.