What is the one thing that most business owners are afraid they’re going to run out of? Cash, right? But in spite of the stress that this can create, there is probably nothing that has as much emotion surrounding it as Payroll.
Face it. There is nothing more important to you – or your employees – than payroll. Some employees check their bank account every payday to assure that they got paid. When a company runs into Cash Flow issues, you can put off paying your suppliers. You might put off some loan payments. You can even put off your rent payment for a while. But you can’t delay payroll.
There is an emotional component to Cash Flow problems in a business. There is added stress. Your employees are depending on you. These are the people that you work with day in, day out. They depend on you to pay them, just as you depend on them to come to work.
Your feelings are involved in different ways:
What are the first things you need to do?
How do you fill the gap?
But the best approach is to put together a 13 Week Cash Flow Forecast to help you. That way, you’ll have more time to adjust when you see that shortage coming.
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