An article on entreperneur.com (https://www.entrepreneur.com/article/187366), indicates that in a U.S. Bank study, 82 percent of business failures are due to poor cash management. Clearly, the old adage “Cash is King” always comes to fruition. However, the basics of cash management stem from being organized, which leads me to ask, Does your small business insure its contacts?
What does that mean “insure contacts?” Well, the basics of cash flow start with the sales channel and some have a CRM or manage its contacts with spreadsheets or even paper. The question owners need to ask is Where are all the contacts kept? Moreover, don’t forget that most of the contacts are in the cell phone you may (or may not) provide to your salespeople. While some small businesses use a CRM, spreadsheet, or paper, can you connect your won sales to the accounts receivable? Business owners, Is your sales group providing great deals to those that drag out payments?
Digital 55 built the solution with a Simple and Easy CRM (cloud based), which is a business owner’s insurance policy for all your customer contacts. Plus, our next generation of CRM with accounting system integration will feed all important cash, sales, accounts receivable, & accounts payable into your dashboard. Data is how you can understand your cash management needs thus protecting your future and an important asset like your client contacts. Use the twenty-five years of financial and operational knowledge built into the virtual CFO concept platform at Digital 55.