Managing cash flow: Your guide to financial resilience as a small business owner in Canada

Canadian small businesses can build cash flow resilience with these 6 proven steps, even amid economic shifts.

Cash flow tracking reveals patterns for proactive adjustments—review inflows (sales, receivables) vs outflows (payroll, rent, suppliers) weekly/monthly.

Essential Strategies

Build reserves: Save profits monthly to cover 3+ months of essentials—buffer for slow periods.

Streamline payroll: Automate for accuracy/compliance (deductions, remittances, year-end). Align cycles with revenue.

Forecast scenarios: Model revenue/cost changes; update regularly to guide hiring/spending.

Communicate clearly: Invoice reminders, early-pay discounts, supplier term negotiations.

Adopt digital tools: Automate invoicing/expenses/payroll/HR for visibility and efficiency.

Strong cash flow turns uncertainty into opportunity—explore ADP’s Small Business Toolkit for more.

Continue reading more by clicking on the link below.

https://canadiansme.ca/managing-cash-flow-your-guide-to-financial-resilience-as-a-small-business-owner-in-canada/

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